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MTH 092 Week 5
MTH 092 Wk5 Payroll
Question | Answer |
---|---|
commission | earnings that are based on a percentage of an amount (sold) |
deductions | money withheld from an employees paycheck to pay for items such as social security and taxes |
FICA | a federal government tax for social security (6.2%) and medicare (1.45%) |
Net pay | money received by an employee after all deductions |
overtime | name given to any hours in which an employee may earn more than usual pay (usually time and a half) |
percentage method | used to figure out an employees withholding – based on a percentage of earnings |
piecework | when earnings are based on the number of items produced by an employee |
SDI | insurance deducted from wages for a state to use to pay disable workers |
W-2 | a year end statement provided for an employee stating their pay and deductions |
Wages | money earned for employment - usually weekly, bi-weekly |
Withholding allowance (exemption) | used to determine tax status, number depends on the number of dependents an employee claims |