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Chapter 13 vocab

QuestionAnswer
The money paid for employee services Salary
The period covered by a salary payment Pay period
The total amount earned by all employees for a pay period Payroll
Paid on a weekly, biweekly, semimonthly, or monthly basis Salaries stated as fixed amounts
Using this system provides internal control for accurate reporting of time worked Time card system
A business must withhold this tax from employee total earnings Federal Income Tax (FWT)
The information used to determine the amount of income tax withheld is identified on this form Form W-4
A deduction from total earnings for each person legally supported by a taxpayer, including the employee Withholding allowance
A federal tax paid for old-age, survivors, and disability insurance provided by the Federal Insurance Contributions Act Social Security Tax (FICA)
A federal tax paid for hospital insurance Medicare Tax
The maximum amount of earnings on which a tax is calculated Tax base
Employers are required to withhold and deposit employees' part of the taxes and pay a matching amount of these taxes Employer's taxes
When this happens, no more social security tax is deducted Employee's earnings exceed tax base
A business form used to record payroll information Payroll register
Payroll deductions for buying U.S. Savings Bonds or for contributing to United Way B & UW
The total earnings paid to an employee after payroll taxes and other deductions Net pay
A business form used to record details affecting payments made to an employee Employee earnings record
Are added to the previous accumulated earnings amount on the earnings record Total earnings not Net pay
Helps to protect and control payroll payments Separate checking account
Rounded to the nearest quarter hour Time rounded
The total pay due for a pay period before deductions Total earnings
Taxes based on the payroll of a business Payroll taxes
Created by: echavez0195