Along with paying employees, this also takes place as part of the payroll process each payday.
What is accounting for payroll activities through journalizing?
100
This journal entry is made each payroll period along with the entry to record gross payroll, deductions and net pay.
What is the payroll tax entry?
100
The cost to provide workers with insurance to protect them against losses due to injury or death incurred during employment.
What is Workers' Compensation Insurance Expense?
100
Record used to prepare this annual document showing employee earnings, taxes, and other information.
What is the employee W-2?
100
This is why a separate payroll bank account is recommend.
What is "because sufficient funds can be transferred to the account each payday to insure that no paychecks "bounce"?
200
This is prepared prior to recording individual employees' payroll information each payday.
What is preparing the payroll register?
200
All payroll deductions are recorded in the payroll journal entry in this type of account.
What are liabilities?
200
The percentage of employees paid on a biweekly basis. (hint...6-13)
What is 72%
200
A current liability account in which are recorded the deductions made from union members' wages for their union dues, assessments, or initiation fees.
What is Union Dues Payable?
200
The term for a court ordered withholding of employee wages for certain types of payments due.
What is a wage garnishment?
300
This is where the payroll information for each employee is recordrd after the payroll register is prepared.
What is the employee earnings record?
300
This is why the debit account on the payroll tax entry is an expense account.
What is "because it must be paid by the employer and is an expense to the organization"?
300
Since payroll liability entries are recorded each payday and payroll tax deposits are made monthly and/or quarterly.
*****DAILY DOUBLE*****
Why do the payroll tax liability accounts never show a
0(zero) balance?
300
The reason is that monies withheld from employee paychecks are being held for other entities and must be paid at certain times to those entities.
*****DAILY DOUBLE*****
What is "why are deductions from employee paychecks recorded in current liabilty accounts?
300
The estimated number of projected payroll card users by the year 2014.
*****DAILY DOUBLE*****
What is 5.4 million?
400
These allow for the year to date tracking of gross pay for employees related to payroll taxes that have limits or overages.
*****DAILY DOUBLE*****
What are the taxable earnings columns of the payroll register?
400
The two accounts that represent net pay and are the last credit accounts listed on the payroll journal entry.
What is Cash or Salaries Payable?
400
The uniform law, followed in most states, calls for this handling of the money representing unclaimed wages.
*****DAILY DOUBLE*****
What is surrendered to the state as abandoned property?
400
The only portion of wages that are exempt from a federal tax levy.
*****DAILY DOUBLE*****
What is the standard deduction and the personal exemptions allowed for the tax year divided by the number of pay periods in the year?
400
This journal entry is to record a specific payroll circumstance.
Dr. Cr.
Wages Expense $
Wages Payable $
What is the adjusting journal entry for accrued payroll (wages earned but not paid as of the end of an accounting period)?
500
The primary federal payroll tax reporting form.
What is Form 941 Employer's Quarterly Federal Tax Return?
500
This entry is for recording a certain payroll procedure.
Dr. Cr.
Fit Payable $
Oasdi Payable $
Hi Payable $
Cash $
What is generaly the journal entry to record a federal payroll tax deposit or payment?
500
This is why an expense should be recognized and a current liability accrued for vacation time earned in the current period.
What is "because the vacation time was earned in the current period"? (the matching principle).
500
The maximum amount of disposable earnings that can be garnished to repay a debt.
What is the lessor of 25% of disposable earnings for the week; or the amount by which the disposable earnings for the week exceed 30 times the federal minimum wage rate?
500
A current liability account in which are recorded the costs of the vacation time earned by employees but not yet used.