1- Payroll tax liability payments . А. Should be entered through pay bills. В. Can be entered through pay employees C. Can be entered through pay liabilities on the Home page. D. None of these answers is correct. 2- The amount of an employee's paycheck after deductions are taken out is called А. Gross pay В. Net pay C. Billable pay D. Gross compensation 3- Wages and salaries expense for the year А. Will be equal to the sum of all paychecks issued during the year. В. Will be equal to the sum of all compensation paid to employees during the year. C. Will be equal to the sum of all compensation earned by employees during the year. D. Will be equal to the sum of all compensation and employer taxes paid during the year. - New employees must complete Form W-2 and give it to their employer. A. True B. False 5- A new hourly rate would be set up in A. New Employee Setup B. Add Payroll Item C. Add Payroll Wage D. New Employee Wage Setup

1- Payroll tax liability payments . А. Should be entered through pay bills. В. Can be entered through pay employees C. Can be entered through pay liabilities on the Home page. D. None of these answers is correct. 2- The amount of an employee's paycheck after deductions are taken out is called А. Gross pay В. Net pay C. Billable pay D. Gross compensation 3- Wages and salaries expense for the year А. Will be equal to the sum of all paychecks issued during the year. В. Will be equal to the sum of all compensation paid to employees during the year. C. Will be equal to the sum of all compensation earned by employees during the year. D. Will be equal to the sum of all compensation and employer taxes paid during the year. - New employees must complete Form W-2 and give it to their employer. A. True B. False 5- A new hourly rate would be set up in A. New Employee Setup B. Add Payroll Item C. Add Payroll Wage D. New Employee Wage Setup

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter12: Preparing Payroll Records

Section: Chapter Questions

Problem 1MP

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To determine how much to deduct from the gross pay of Jason Parker, an employee of Jensen Ltd., one would look at the earnings record. O Form TD1. O payroll register. O Form T4.
Felipe's Mexican Restaurant incurred salaries expense of $59,000 for 2024. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $16,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,400), life insurance (cost to the company, $400), and retirement benefits (cost to the company, 5% of salaries expense). A (Click the icon to view payroll tax rate information.) More info Requirements For all payroll calculations, use the following tax rates and round amounts to the nearest cent: 1. Journalize Felipe's expenses for employee benefits and for payroll taxes. Explanations are not required. Employee: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. 2. What was Felipe's total expense for 2024 related to payroll? Employer: OASDI: 6.2% on first $132,900 earned per…
Factory Payroll: (To record salaries and wages paid and the employee payroll deductions) (To record employer payroll taxes) Sales Payroll: (To record salaries and wages paid and the employee payroll deductions) || |
1. The total amount remitted to the BIR through the Tax Remittance Advice? 2. How much is the unused Notice of Cash Allocation (NCA) for the quarter? 3. The entry to record the payment of payroll include a credit to? 4. The entry to recognize the payroll includes a?
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