Final answer:
The correct answer is Payroll transaction file. It includes all payroll transactions processed by the accounting system for a given period of time. The correct answer is 2) Payroll transaction file.
Step-by-step explanation:
A payroll transaction file includes all payroll transactions processed by the accounting system for a given period of time. It contains detailed information such as employee names, hours worked, wages, taxes withheld, and any other deductions or benefits.
A payroll journal, on the other hand, is a record of payroll entries made in the general ledger. A time report is a document that shows the hours worked by each employee. A payroll summary provides a summarized overview of payroll expenses. The payroll transaction file includes all payroll transactions processed by the accounting system for a given period of time. This file comprises detailed records of the hours worked, wages paid, deductions made, and taxes withheld for each employee. Employers are responsible for collecting and paying payroll taxes to various tax jurisdictions, including the federal government, all fifty states, the District of Columbia, and numerous cities. These jurisdictions may require reporting on a quarterly and annual basis, often mandating electronic reporting for employers, with part of this process including the maintenance and submission of payroll transaction files.