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Chapter 12 and 13
Terms and Definition
| Term | Definition |
|---|---|
| Salary | The money paid for employee services |
| Pay Period | A 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 tax-payer, 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 max amount of earnings on which a tax is calculated |
| Net Pay | the total earnings paid to an employee after payroll taxes and other deductions are withheld |
| 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 Unemployment Tax | A state tax used to pay benefits to unemployed workers |
| Lookback Period | The 12th month period that ends on June 30th of the prior year |
| Payroll register | A business form used to record payroll information |
Created by:
KKK grand wizard
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