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Chapter 12
Term | Definition |
---|---|
salary | money for employee services |
pay period | period covered by a salary payment |
payroll | total amount earned by all employees for a pay period |
total earnings | total pay due for pay period before deductions |
payroll taxes | taxes based on payroll of business |
withholding allowance | deduction from total earnings |
social security tax | federal tax paid for old age, survivors, and disability insurance |
Medicare tax | federal tax for hostpital insurance |
tax base | max. amount of earnings on which tax is calculated |
payroll register | business form used to record payroll info. |
employee earnings record | business form used to record details affecting payments made to the employee |