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Chpt 12 Accounting
| Term | Definition |
|---|---|
| Accumulated Earnings | The Employee's year-to-date gross earnings. |
| Commission | An amount paid to the employee based on a percentage of the employee sales. |
| Deduction | An amount that is subtracted from an employee's gross earnings. |
| Direct Deposit | Depositing net pay directly into an employee's personal bank account through electronic funds transfer. |
| Electronic Badge Readers | An electronic device that scans the magnetic strip containing employee information on an employee's identification badge and then transfers the information directly to a computer. |
| Employee's earnings Record | A record prepared for each employee that contains all payroll information related to the employee; it is kept on a quarterly basis. |
| 401 (k) Plan | A voluntary payroll deduction from earnings; the employee does not pay income tax on the amount contributed until the money is withdrawn from the plan, usually after age 59 1/2 |
| Gross Earnings | The total amount of money an employee earns in a pay period; also called gross pay. |
| Net Pay | The amount left after total deductions have been subtracted from gross earnings. |
| Overtime Rate | Pay rate employers are required to pay certain employees covered by state and federal laws; the Fair Labor Standards Act of 1938 sets the rate at 1 1/2 times the regular hourly rate after 40 hours per week. |
| Pay Period | The amount of time over which an employee is paid. |
| Payroll | A list of the employees and the payments due to each employee for a specific pay period. |
| Payroll Clerk | An employee responsible for preparing the payroll. |
| Payroll Register | A form that summarizes information about employees' earnings for each pay period. |
| Piece Rate | A rate of pay based on the number of items produced. |
| Salary | A fixed amount of money paid to an employee for each pay period. |
| Time Card | A record of the time an employee arrives at work, leaves work, and the total number of hours worked each day. |
| Wage | An amount of money paid to an employee at a specified rate per hour worked. |
| Withholding Allowance | An allowance in individual claims on a Form W-4; it is used to calculate the amount of income tax withheld from an employees paycheck. |
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