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V'sAccountingterms10
Chapter 10
| Question | Answer |
|---|---|
| Commission Basis | A method of paying employees according to a percentage of net sales |
| Compensation Record | Individual Earnings Report |
| Employee | A person who is hired by and works under the control and direction of the employer |
| Employee's Withholding Allowance Certificate, Form W-4 | A form used to claim exemption (withholding) allowances |
| Exempt Employees | Salaried employees who hold supervisory or managerial positions who are not subject to the maximum hour and overtime pay provisions of the Wage and Hour Law |
| Federal unemployment taxes (FUTA) | Taxes levied by the federal government against employers to benefit unemployed workers |
| Hourly rate basis | A method of paying employees according to a stated rate per hour |
| Independent Contractor | One who is paid by a company to carry out a specific task or job but is not under the direct supervision or control of the company |
| Individual Earnings Record | An employee record that contains information needed to compute earnings and complete tax reports |
| Medicare Tax | A tax levied on employees and employers to provide medical care for the employee and the employee's spouse after each has reached age 65 |
| Payroll register | A record of payroll information for each employee for the pay period |
| Salary Basis | A method of paying employees according to an agreed-upon amount for each week or month |
| Piece-rate Basis | A method of paying employees according to the number of units produced |
| Social-Security Act | A federal act providing certain benefits for employees and their families; officially the Federal Insurance Contributions Act |
| Social Security (FICA) Tax | A tax imposed by the Federal Insurance Contributions Act and collected on employee earnings to provide retirement and disability benefits |
| State Unemployment Taxes (SUTA) | Taxes levied by a state government against employers to benefit unemployed workers |
| Tax-exempt wages | Earnings in excess of the base amount set by the social Security Act |
| Time and a half | Rate of pay for an employee's work in excess of 40 hours a week |
| Wage-Bracket Table Method | A simple method to determine the amount of federal income tax to be withheld using a table provided by the government |
| Workers' Compensation Insurance | Insurance that protects employees against losses form job-related injuries or illnesses, or compensates their families if death occurs in the course of the employment |
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Virajasaur
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