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Chapter 12

TermDefinition
salary money for employee services
pay period period covered by a salary payment
payroll total amount earned by all employees for a pay period
total earnings total pay due for pay period before deductions
payroll taxes taxes based on payroll of business
withholding allowance deduction from total earnings
social security tax federal tax paid for old age, survivors, and disability insurance
Medicare tax federal tax for hostpital insurance
tax base max. amount of earnings on which tax is calculated
payroll register business form used to record payroll info.
employee earnings record business form used to record details affecting payments made to the employee
Created by: Tate.cord70
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