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V'sAccountingterms10

Chapter 10

QuestionAnswer
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
Created by: Virajasaur