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MTH 092 Week 5

MTH 092 Wk5 Payroll

commission earnings that are based on a percentage of an amount (sold)
deductions money withheld from an employees paycheck to pay for items such as social security and taxes
FICA a federal government tax for social security (6.2%) and medicare (1.45%)
Net pay money received by an employee after all deductions
overtime name given to any hours in which an employee may earn more than usual pay (usually time and a half)
percentage method used to figure out an employees withholding – based on a percentage of earnings
piecework when earnings are based on the number of items produced by an employee
SDI insurance deducted from wages for a state to use to pay disable workers
W-2 a year end statement provided for an employee stating their pay and deductions
Wages money earned for employment - usually weekly, bi-weekly
Withholding allowance (exemption) used to determine tax status, number depends on the number of dependents an employee claims
Created by: adotson