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Accounting BS (Basic Stuff)
What Happened to My Paycheck!
Taxes, That's What
Payroll Facts
Payroll Figures
100
This financial statement is prepared last and reports a company's assets, liabilities, and capital on a specific date.
What is the Balance Sheet?
100
These make your paycheck go from not enough (Gross? Pay) to way not enough (Net Pay).
What are withholding taxes and other deductions?
100
The amount deducted is based on earnings, marital status, and frequency of payment.
What is Federal Income Tax Withholding?
100
The form used to assemble employee payroll data each payroll period so paychecks can be prepared. *****Daily Double********
What is a payroll register?
100
15.3%
What is the combined FICA rate for 2013?
200
When it is ok to prepare a journal entry and not post it to the general ledger.
What is never, never, never?
200
Sets the minimum wage, overtime, and other payroll rules at the Federal level.
What is the Fair Labor Standards Act (FLSA)?
200
Made up of Social Security (OASDI) and Medicare (HI) taxes
What is FICA?
200
A separate record of each employee's earnings that is used at the end of the year to prepare W-2 forms.
What is an employee earnings record?
200
All of the withholding credits on the payroll journal entry are this type of account.
What are liabilities?
300
The order in which adjusting journal entries and closing journal entries are prepared and posted to the general ledger.
What is adjusting entries first and closing entries last?
300
Exempts a specific dollar amount of an employee's gross pay from federal income tax withholding.
What is a Withholding Allowance?
300
Federal Income Contributions Act. *****Daily Double*****
What is FICA?
300
The big reason you might/should set up a separate payroll checking account.
What is "So you won't bounce any paychecks"!!! ?
300
These costs are covered entirely by the employer and are recorded each payroll period. *********Daily Double**********
What is payroll tax expense?
400
The trial balance amounts listed on the 10 column work sheet come from here.
What is the General Ledger?
400
The IRS website.
What is www.irs.gov?
400
The amount (over 0)of federal tax withheld on your paycheck that means no state or local taxes will be taken.
What is "are you kidding"? There is no limit.
400
The number of payroll journal entries made each payroll period.
What is 2?
400
These employee payroll taxes are matched dollar for dollar by the employer.
What are Social Security (OASDI) and Medicare (HI) taxes?
500
Prepare an Income Statement, Statement of Owner's Equity, and a Balance Sheet. *****Daily Double******
What is step 8 of the accounting cycle?
500
The amount withheld for a single person that is paid weekly, has 3 allowances and earns $395 for the week.
What is $13?
500
The document an employee files that is used by the employer to determine how much federal income tax to withhold.
What is a W-4 form?
500
This records the payroll information in the accounting records.
What is the payroll journal entry?
500
This account is debited for toal gross pay when making the payroll journal entry for each payroll period.
What is Wages and Salaries expense?