PAYROLL ACCT.,2019 ED.(LL)-TEXT
19th Edition
ISBN: 9781337619783
Author: BIEG
Publisher: CENGAGE L
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Question
Chapter 6, Problem 3QD
To determine
List the options available to the companies to correct the overpaid salary from the salaried exempt employee.
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Students have asked these similar questions
When an organisation recognises a provision and related expense for annual leave and a provision for long-service leave for its employees, the risk to employees that they will not be paid these amounts that have been provided is effectively zero. Is this true or false? Why?
In terms of classification of short-term compensated absences; which of the following is incorrect?
Under vesting short-term compensated absences, employees are entitled to a cash payment for unused
entitlement on leaving the entity
Under non-vesting short-term compensated absences, employees are not entitled to a cash payment for unused
entitlement on leaving the entity
Accumulating short-term compensated absences are those that are carried forward and can be used in future
periods if the current period's entitlement is not used in full
Non-accumulating short-tam compensated absences are those that are carried forward and can be used in future
periods if the current period's entitlement is not used in full
1. Which of these is NOT a regulation set forth within ERISA?
Answer:
A.
Employees must be provided with pertinent retirement plan information.
B.
Employers are required to offer retirement plans.
C.
Fiduciaries of the retirement plan may be held accountable for breaches of responsibility.
D.
There are specific timeframes over which retirement plan benefits become nonforfeitable.
2. Which statement is incorrect regarding wage garnishments?
Answer:
A.
They are only ordered by a court or other legal proceeding.
B.
The amount of the garnishment is based on disposable earnings.
C.
The limit can be increased for child support.
D.
If multiple garnishments are in effect, they are satisfied in the order in which they were received.
3. Which statement about Social Security tax is accurate?
Answer:
A.…
Chapter 6 Solutions
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Ch. 6 - The totals from the payroll register of Olt...Ch. 6 - Olt Companys gross payroll for the week of January...Ch. 6 - _____ 1. 1. Employees earnings record A. Expense...Ch. 6 - Prob. 1QRCh. 6 - For what reason are distribution columns sometimes...Ch. 6 - Prob. 3QRCh. 6 - Prob. 4QRCh. 6 - Prob. 5QRCh. 6 - Prob. 6QRCh. 6 - Prob. 7QR
Ch. 6 - What portions of an employees take-home pay are...Ch. 6 - Prob. 9QRCh. 6 - Prob. 10QRCh. 6 - Prob. 11QRCh. 6 - What must the employer do with unclaimed...Ch. 6 - What special accounts must usually be opened in...Ch. 6 - Prob. 14QRCh. 6 - Prob. 15QRCh. 6 - Prob. 16QRCh. 6 - What accounts are debited and credited when an...Ch. 6 - Prob. 18QRCh. 6 - Prob. 19QRCh. 6 - Prob. 20QRCh. 6 - Prob. 1QDCh. 6 - Prob. 2QDCh. 6 - Prob. 3QDCh. 6 - Prob. 1PACh. 6 - Prob. 2PACh. 6 - a. Cal Ruther, an employer, is subject to FICA...Ch. 6 - The employees of Donnelly Music Company earn total...Ch. 6 - Vulcra, Inc., has a semimonthly payroll of 67,000...Ch. 6 - Prob. 6PACh. 6 - Prob. 7PACh. 6 - The employees of Pelter Company earn wages of...Ch. 6 - The following information pertains to a weekly...Ch. 6 - Prob. 10PACh. 6 - On December 31, 20--, Karmansky Company needed to...Ch. 6 - Kelsey Gunn is the only employee of Arsenault...Ch. 6 - Prob. 13PACh. 6 - At the end of April, Hernandez Company had a...Ch. 6 - Prob. 15PACh. 6 - In the Illustrative Case in this chapter, payroll...Ch. 6 - Prob. 1PBCh. 6 - Prob. 2PBCh. 6 - Prob. 3PBCh. 6 - The employees of Carson Bakery Company earn total...Ch. 6 - Purnell, Inc., has a semimonthly payroll of 53,900...Ch. 6 - Adams, Inc., pays its employees weekly wages in...Ch. 6 - Prob. 7PBCh. 6 - The employees of Portonegra Company earn wages of...Ch. 6 - The following information pertains to a weekly...Ch. 6 - Prob. 10PBCh. 6 - Prob. 11PBCh. 6 - Prob. 12PBCh. 6 - Prob. 13PBCh. 6 - At the end of June, Morton Company had a balance...Ch. 6 - Prob. 15PBCh. 6 - In the Illustrative Case in this chapter, payroll...Ch. 6 - Frank Flynn is the payroll manager for Powlus...
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Similar questions
- When an organization recognizes a provision and associated expenditure for yearly leave as well as a provision for long-service leave for its workers, the risk to the employees of not being paid these amounts is virtually nil. Is this correct or incorrect? Why?arrow_forwardWhich is a valid statement regarding recognition of liabilities? a. A non-interest bearing note is initially recognized at face value. b. A provision should not be recognized for future operating losses. c. For accumulating compensated absences, an entity should recognize the expense and related liability during the period the absences are incurred by the employees. d. The estimated future costs of supplying awards for customer loyalty program shall be recognized as an expense in the period the award credits are availed of by customers.arrow_forwardSome employers will pay out employees for any unused sick leave entitlements if they leave the organisation, whereas in other organisatons employees forfeit this entitlement when they leave. Needs answer to the following; Explain how these different types of sick leave entitlements are treated for accounting purposes.arrow_forward
- Some employers will pay out employees for any unused sick-leave entitlements if they leave the organisation, whereas in other organisations employees forfeit this entitlement when they leave. Explain how these different types of sick-leave entitlements are treated for accounting purposes.arrow_forward10. Which of the following key risks for Payroll activities under the Hire-to-Retire process where if present would pose the greatest regulatory risks? Group of answer choices Payroll rates or pay-scales are modified inappropriately in the payroll system. The required contributions from employees are not remitted to SSS, PAG-IBIG, and PhilHealth regularly. Payroll, tax, and other voluntary and involuntary deductions are inaccurately calculated and paid or disbursed past the due date. Discrepancies exist between payroll and other deduction amounts and what is reported on financial, tax, and legal reports.arrow_forwardWhich of the following is NOT an example of a contingency? Salaries payable to top management Potential expense related to repair or replace products sold under warranty Note receivable sold with recourse An amount potentially payable to settle a lawsuit All the other alternatives are contingenciesarrow_forward
- Which of the following is/are true with regard to accounting for short-term employee benefits? Unpaid short-term benefits are reported as accrued under current liabilities at an undiscounted value. If the payment exceeds the undiscounted amount of the benefits, the excess is reported as prepayment under current assets. The benefits are reported as an expense under profit or loss, unless another standard requires or permits the cost of the benefits to be capitalized. Group of answer choices Only statement 1. All statements are true. Only statement 3. Only statement 2.arrow_forwardWhich of the following amounts paid by an employer to an employee is not subject to withholding? Oa. Salary Ob. Travel expense reimbursements from an accountable plan Oc. Commissions UE Od. Bonus Oe. All of these choices are subject to withholding.arrow_forwardwhen a company receives a deposit from a customer to protect itself against nonpayment for future services, the deposit should be classified by the company as: a. revenue b. a liability c. part of the allowance for doubtful accounts d. a deferred credit deducted from accounts receivablearrow_forward
- The Federal Insurance Contributions Acta. requires employer FICA liabilities to be recorded upon issuance of an employee's paycheck.b. prohibits employees from paying FICA taxes before their paycheck is received.c. requires the employer to deposit FICA taxes immediately upon issuance of the employee's paycheck.d. requires deduction from employee paychecks to be made; these amounts are recorded as liabilities when withheld.arrow_forwardWhich of the following statements are reasons employers may choose to delay eligibility of employees to participate in a retirement plan? 1. Employees do not start earning benefits until they become plan participants (except in defined benefit plans, which may count prior service). 2. Since turnover is generally highest for employees in their first few years of employment and for younger employees, it makes sense from an administrative standpoint to delay their eligibility. A. 1 only. B. 2 only. C. Both 1 and 2. D. Neither 1 nor 2.arrow_forwardWhich of the following statements are true regarding supplies used on the job by an employee that the company will not reimburse? A. An employee cannot incur ordinary and necessary business expenses because a job isn't considered a business. B. An employee may not have to report income when the company reimburses her/his expenses incurred for the company. C. An employee can incur ordinary and necessary business expenses but they are not currently deductible even if the employee itemizes. D. Both B and C.arrow_forward
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