Quarterly Wage Data

Data on all employees that must be submitted by employers on a quarterly basis to the State Workforce Agency in the State in which they operate. The data is then submitted to the National Directory of New Hires (NDNH). Minimum information must include the employee’s name, address, Social Security Number (SSN), wage amount, and the reporting period as well as the employer’s name, address, and Federal Employer Identification Number (FEIN). The data are then compared against child support order information contained in the Federal Case Registry (FCR) for possible enforcement of child support obligations by wage garnishment. Federal Agencies report the data directly to the NDNH. (See also: National Directory of New Hires)

Question: Payroll entries are made with data from the? wage and tax statement employee's earning record employer's quarterly federal tax return payroll register

Answer: Typically, all of the payroll entries are made from the payroll register.

Question: With corporate earning rising, why should we sacrifice any more, such as minimum wage, and NO OT? corporate profits were revised higher to 8.0% from 5.5%, which is the same as in Q4. Corporate profits aren't just rising in absolute terms -- they're rising in relative terms. Corporate profits as a percentage of GDP are back up to nearly record highs. The quarterly GDP report released by the U.S. Commerce Department provided detailed data on corporate profits, which stood at $1.5 trillion in 2007, falling sharply to $1.26 trillion and essentially stagnating in 2009. But since the Obama presidency started, the trajectory in quarterly profits has reversed. Quarterly profits (reported at an annualized rate) rose from $1.18 trillion in the second quarter of 2009 to $1.42 trillion in the fourth quarter of 2009 and $1.64 trillion in the second quarter of 2010. In the second quarter of 2010, corporate profits were up 39.2 percent from the year-before quarter. Some sectors are benefiting from government policy. Banks are profiting from low interest rates and the ongoing federal subsidies and guarantees. Even as the industry protests the "demonization" and tough regulation, banks just reported their best quarter results in three years, according to the FDIC. CEOs, who have responded quite well to the challenges of the economy and regulation, are still making record profits. Please stop with the anti-government, anti-Obama administration rhetoric about how they're out of touch with corporate concerns. You're doing quite well, especially compared with millions of Americans. The chronic whining is disingenuous at best and shows just how out of touch corporate CEOs are with the rest of the country at worst. The key thing about the GOP position is that it's not just the minimum wage that they want to get rid of. They want to nuke virtually every law and regulation that protects workers. And that includes another provision of the Fair Labor Standards Act: overtime pay. Without that provision, hourly workers would not get time-and-a-half if they work more than 40 hours in a week. Indeed, without the FLSA workers could be required to work more than 40 hours without getting paid anything extra at all. I'd like it if I could move to a state with no minimum wage. People who want one don't have to live there. Liberals can't stand it when people have choices like that. 24 minutes ago 2 Rating: Good Answer 2 Rating: Bad Answer Report Abuse by Miss Nancy Member since: December 27, 2009 Total points: 13000 (Level 6) Add to My Contacts Block User You gave this answer a low rating: Hide Individual candidates may want to get rid of minimum wage, but that is certainly not the GOP position. Minimum wage will not be repealed and no labor law considerations are EVEN CONTEMPLATED. 23 minutes ago 1 Rating: Good Answer 1 Rating: Bad Answer Report Abuse by 2010 - Real Change Member since: December 13, 2007 Total points: 5815 (Level 5) Add to My Contacts You gave this answer a low rating: Hide Most of my career was as a salary employee. I routinely worked more than 40 without getting anything extra. It's pretty simple really: When the cost of labor is prohibiti

Answer: I am tired of sacrificing but if you raise minimum wage then prices will just rise because the small business owner is not doing well. I work for a small business owner and we are not doing well because the middle class doesn't have money to spend. Of course large corporations are doing just fine.~

Question: Accounting Test!! HHEELLPP? 1. Current liabilities are a. due, but not receivable for more than one year b. due, but not payable for more than one year c. due and receivable within one year d. due and payable within one year. 2. On June 8, Acme Co. issued an $80,000, 6% , 120-day note payable to Still Co. What is the due date of the note? a. October 8 b. October 7 c. October 6 d. October 5 3. The interest deducted from the maturity value of a note is called a. proceeds b. discount c. face value d. maturity value 4. The maturity value of an interest-bearing note payable is the a. face value plus the interest b.face value minus the interest c. interest d. face value 5. Which of the following would most likely be classified as a current liability? a. Two-year notes payable b. Bonds Payable. c. Mortgage payable d. Unearned Rent 6. The current portion of long-term debt should a. be classified as a long-term liability b. not be separated from the long-term portion of debt c. be paid immediately d. be reclassified as a current liability. 7. The amount of federal income taxes withheld from an employee's gross pay is recorded as a(n) a. payroll expense b. contra account c. asset d. liability 8. Which of the following would be used to compute the federal income taxes to be withheld from an employee's earnings? a. FICA tax rate b. wage and tax statement c. FUTA tax rate d. wage bracket and withholding table 9. Which of the following taxes would be deducted in determining an employee's net pay? a. FUTA taxes b. SUTA taxes c. FICA taxes d. all of the above 10. Payroll taxes levied against employees become liabilities a. the first of the following month b. at the time the payroll is paid c. when earned by the employee d. at the end of an accounting period 11. Payroll entries are made with data from the a. wage and tax statement b. employee's earning record c. employer's quarterly federal tax return d. payroll register 12. The required form that is filed with the Internal Revenue Service showing the amount due for income taxes withheld and FICA taxes is the a. Employment Withholding Allowance Certificate (Form 941) b. Wage and Tax Statement (Form W-2) c. Employer's Quarterly Federal Tax Return (Form 941) d. Corporate Income Tax Return (Form 1120) 13. The detailed record indicating the data for each employee for each payroll period and the cumulative total earnings for each employee is called the a. payroll register b. payroll check c. employee's earnings record d. employer's earnings record 14. Which of the following is an example of a variable component of a payroll system? a. hours worked b. Medicare tax rate c. rate of pay d. Social security tax rate 15. An aid in internal control over payrolls that indicates employee attendance is a. "clock card" b. voucher system c. payroll register d. employee's earnings record 16. A pension plan which requires the employer to make annual pension contributions, with no promise to employees regarding future pension payments, is termed a. funded b. unfunded c. defined benefit d. defined contribution 17. Vacation pay payable is reported on the balance sheet as a. current liability or long-term liability, depending upon when the vacations will be taken by employees b. current liability c. owner's equity d. long-term liabilities 18. Quick assets include a. cash; cash equivalents, receivables, prepaid expenses, and inventory b. cash; cash equivalents, receivables, and prepaid expenses c. cash; cash equivalents, receivables, and inventory d.cash; cash equivalents, and receivables 19. The cost of a product warranty should be included as an expense in the a. period the cash is collected for a product sold on account b. future period when the cost of repairing the product is paid c. period of the sale of the product d. future period when the product is repaired or replaced 20. Estimating and recording product warranty expense in the period of the sale best follows which of the following accounting concepts a. Cost concept b. Business entity concept c. Matching Concept d. Materiality concept

Answer: What is a test for? To discover how well you learned the material, so that you can be helped to understand the bits you don't know. Who paid for your eduction - that is, whose money are you stealing? Your parents' ? Or are you simply throwing your own money down the drain.

Question: Can you summarize this article? People say that economics is complicated. But it sure looks simple to me. After all, what's so complicated about a sector that can be represented in a single arrow? Up for good, down for bad. And if that weren't easy enough, we've got green for good, and red for bad. It's child's play. It even looks like a toy I played with as a child. The green arrow made a cow moo, as I remember. Looks, however, can be deceiving. And so it is with the ubiquitous stock ticker arrow that increasingly serves as a stand-in for broad economic data. More and more, the arrow is all that's discussed -- did stocks rise or did they fall? -- as if the movement of the market were synonymous with the fortunes of the economy. This approach is perhaps best demonstrated by CNBC commentator Larry Kudlow, who routinely writes and says things like, "The stock market actually rose in August, and opened higher in the first day of September trading earlier this morning. If stocks are optimistic, then so am I." But Wall Street is not Main Street. Its fluctuations may demonstrate economic health and distress, but they may not. The stock market can go up for a variety of reasons. It can be reacting to evidence of rapid, broadly shared economic growth -- or the prospect of such growth -- and in those cases, it should elicit a cheer from us all. But it also can be reacting to higher corporate profits that come not from increased productivity or growth but directly out of wages, benefits, higher prices or a variety of cost-saving, corner-cutting measures that don't make the median American's life any better. Sometimes, the market is just reacting to shortsighted business practices that supercharge earnings, but only temporarily -- as in the case of the housing boom. Or it can go up because of simple irrational exuberance that is reversed with the next morning's trading -- or the next year's crash. The market's fluctuations may not say much about the economy, they may not be as simplistically positive or negative as they seem at first glance, and they may not signal durable trends. They must be treated with care. The media, however, don't have a whole lot of time to treat them with care. In an age of 24-hour financial channels and daily business broadsheets, the allure of an easily comprehensible number that comes out every few seconds and can serve as the subject for further commentary is hugely seductive. Increasingly, the stock tickers serve the same purpose in economic reporting that poll numbers serve for political scribes: They provide constant, reportable data that can be used to draw broad conclusions about the subject as a whole -- but at a cost of accuracy, random fluctuations and significant separation from the issue at hand. Just as polls are used because the more significant data (such as vote totals) only come out sporadically, so too is the stock ticker helpful to fill time between the monthly job reports, quarterly growth numbers and yearly census data. But polls at least pretend to reflect the relevant metric: election results. The stock market, however, lays claim to no such relevance. If the jagged line tumbles down, it does not mean the average American's income has fallen as well. If the line shoots up, it does not mean child poverty has abated. Indeed, in an era of inequality like the one we're going through now, in which the Center on Budget and Policy Priorities says the top 1 percent control an astounding 19 percent of the nation's income, the market is less attached to the fortunes of ordinary Americans than ever. In 2004, the wealthiest 1 percent of Americans owned 36.9 percent of all stock. The wealthiest 10 percent controlled 80 percent of all stock. That means the skips and dips of the market tell you very much about how the best-off are doing, but considerably less about how the great bulk beneath are faring. To focus on the performance of the market, then, is to zero in on an economic indicator that can do well even as the country does poorly. In 2006, for instance, the Dow Jones industrial average hit highs. According to the just released census data, however, median earnings fell 1 percent, and millions more Americans entered the ranks of the uninsured. Indeed, from 2000 to 2007, the S&P 500 gained more than 500 points; meanwhile, the median household's income, at least as of 2006, fell by more than $900. Part of the reason the movements of the stock market get so much more attention than those of the labor market is that the stock market more directly affects those with the power to publicize it. It is said that a recession is when your neighbor loses his job, and a depression is when you lose yours. Both, however, may pass without the individuals who run the nation's media properties feeling even the slightest tremor of insecurity. This is not their fault. We are an unequal nation, and our experiences of the economy are deeply varied. But the professional classes do own stock. When the market goes down, that represents, for them, real losses, and, on a gut level, a real story. Conversely, when the census numbers are released and earnings continue to stagnate, those are numbers without any connection to the economy that reporters and editors tend to experience. And that's not even to get into their need to attract wealthy readers and viewers -- those who are more likely to own stock -- in order to keep advertisers happy. It's no wonder, then, that the twists of the market are followed closely by the media. The economy, however, is a complicated thing, particularly as inequality wrenches us further and further apart from one another. The merry green arrow not only neglects the hungry child but the median worker. It tells the story of one of our many economies, but not all, nor even most. And we can't be unduly distracted by it. This piece originally appeared in the Los Angeles Times.

Answer: Perhaps you can just ask us what you don't understand, and then describe the stock market, the economy and the media in your own words.

Question: If things are so bad, why are they so good? If things are so bad, why are they so good? With all the gloom coming out of Wall Street, the Democrats on the campaign trail, and the mainstream media, a remarkable thing just happened: Real gross domestic product, the best summary report of the American economy, came in at a breathtaking 3.9 percent annual rate for the third quarter. In fact, following the 3.8 percent growth rate for the second quarter, the U.S. economy has posted its strongest quarterly growth in four years. The economy actually appears to be speeding up, following the relatively sluggish performance of the prior 18 months. On top of this, the inflation rate is actually slowing down. The consumer spending deflator is reading 2.1 percent for the past year, compared to over 3 percent six quarters ago. The core inflation rate is down to 1.9 percent, below the Fed’s 2 percent target. Even employment is holding its own. According to Automatic Data Processing’s private employment survey, which showed its strongest gain in four months, October looks like it will produce about 125,000 new jobs. Meanwhile, rising exports of American goods and services are booming to such an extent that the deep housing recession is being cancelled out. And while many continue to predict a consumer collapse because of falling home prices and tighter credit, after-tax inflation-adjusted income is 4.1 percent ahead of last year, for a $344 billion gain, while the purchase cost of energy prices are flat. The little noticed factoid is that consumer energy use per unit of GDP has actually fallen by more than 50 percent in recent decades. Again: If things are so bad, why are they so good? The stock market roared after the Federal Reserve cut its target rate on Wednesday by 25 basis points to 4.5 percent. The rate cut was a small insurance policy, just in case the subprime credit crunch and the housing downturn take a larger toll on the economy. But listening to the Democratic presidential debate on Tuesday, you’d think it was 1929 all over again. The litany of scare-talk complaints includes China trade unfairness, globalization, immigration, income inequality, stagnant wages, a shrinking middle class, the sinking dollar, and high oil prices. Yes, there is home deflation on Main Street and loan deflation on Wall Street. It will continue. But what about the rest of the story? When you listen to the hedge-fund short-sellers and the liberal politicians as they attempt to discredit the Bush economic boom, you could almost fall for their bear-market seduction. But the seductress turns out to be an economic harlot — not a beautiful woman. The true message of the strong economy is that we’re virtually guaranteed of a Goldilocks soft landing or better — and certainly not a recession. It’s interesting that while the Bush tax cuts of 2003 continue to encourage investment and entrepreneurship, expanding national income and higher tax collections have brought the big bad budget deficit down to $160 billion, or roughly 1 percent of GDP. Using something called the primary deficit — which extracts net interest on the debt and can be used to measure fiscal stimulus on the economy — we actually have a 70 billion surplus. These are all reasons why it would be foolhardy to embrace large-scale tax-hikes to allegedly fight the budget gap. House tax chief Charlie Rangel’s great idea to reduce the corporate income tax is the first pro-growth tax-cut measure from a Democrat in many years, and hopefully his effort will spur a discussion of full-scale tax reform by the Republican and Democratic candidates. But looking to the rest of Rangel’s plan, there are ways to eliminate the alternative minimum tax that do not require big tax hikes on the most successful earners and investors. For example, the Bush administration’s tax-reform panel, chaired by former senators Connie Mack and John Breaux, proposed a growth-and-investment plan with only three income-tax brackets of 15, 25, and 30 percent. The plan would repeal the AMT and reduce the corporate tax to 30 percent. Capital gains and dividends would remain at 15 percent. Or there’s the new plan from Wisconsin House member Paul Ryan that would move to a 10 and 25 percent tax system while also eliminating the dreaded AMT. In other words, there are a lot of ways to gently nudge tax rates lower while broadening the tax base that would keep the Bush boom going well into the future. The print and broadcast media do not give President Bush much credit for his economic policies. But somehow I have to wonder whether low unemployment, strong growth, negligible inflation, and record stock markets do not deserve just a bit of praise. It is still the greatest story never told.

Answer: Everywhere I go there are traffic jams, even on weekends (I work in a major city during the week and live at my beach house on weekends year round). If things were so bad, I would think people would at least cut back on going to the beach in the off season, but tomorrow there will be a traffic jam when I leave work at 2PM. And all the cars seem to be huge, not to mention all the RVs and boats being towed behind them.

Quarterly Wage Data

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