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Chapter 12-13 Vocab
Accounting Vocabulary
| Term | Definition |
|---|---|
| Salary | The money paid for employee services |
| Pay Period | The period covered by a salary payment |
| Payroll | The total amount earned by all employees for a pay period |
| Total Earnings | The total pay due for a pay period before deductions |
| Payroll Taxes | Taxes based on the payroll of a business |
| Withholding Allowance | A deduction from total earnings for each person legally supported by a taxpayer, including the employee |
| Social Security Tax | A federal tax paid for old-age, survivors, and disability insurance |
| Medicare Tax | A federal tax paid for hospital insurance |
| Tax Base | The maximum amount of earnings on which a tax is calculated |
| Payroll Register | A business form used to record payroll information |
| Net Pay | The total earnings paid to an employee after payroll taxes and other deductions |
| Employee Earnings Record | A business form used to record details affecting payments made to an employee |
| Federal Unemployment Tax | A federal tax used for state and federal administrative expenses of the unemployment program |
| State Umemployment Tax | A state tax used pay to unemployed workers |
| Lookback Period | The 12-month period that ends on June 30th of the prior year |
Created by:
clintatwood
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