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Accounting 13
| Question | Answer |
|---|---|
| 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 |
| employee regular earnings are calculated as | regular hours times regular rate |
| information needed to determine the employee social security tax withholding for a pay period includes | total earnings, accumulated earnings, and social security tax rate and tax base |
| a separate payroll checking account is used primarily to | provide additional protection and control of individual payroll checks |
| A business may decide to pay employee salaries every week, every two weeks, twice a month, or once a month | true |
| businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government | true |
| payroll time cards can be used as the basic source of information to prepare a payroll | true |
| the first task in preparing a payroll is to determine the number of days worked by each employee | false |
| total earnings are sometimes referred to as net pay or net earnings | false |
| employee total earnings are calculated as regular hours times regular rate, plus overtime hours time overtime rate | true |
| payroll taxes are based on employee total earnings | true |
| a business is required by law to withhold certain payroll taxes from employee salaries | true |
| employers in many states are required to withhold state, city, or county income tax from employee earnings | true |
| payroll taxes withheld represent a liability for an employer until payment is made | true |
| federal law requires that each employer have on file a properly completed Form W-2, employee's withholding allowance certificate, for each employee | false |
| the amount of income tax withheld from each employee's total earnings is determined from the number of withholding allowances and by the employee's marital status | true |
| a single person will have less income tax withheld than a married employee | false |
| an employee can be exempt from having federal income tax withheld under certain conditions | true |
| social security tax is paid by the employer only | false |
| an act of congress can change the social security tax base and tax rate at any time | true |
| when an employee's earnings exceed the tax base, no more social security tax is deducted | true |
| all deductions from employee wages are recorded in a payroll register | true |
| the columns of the employee earnings record consist of the amount columns in a payroll register and an accumulated earnings column | true |
| the information used to prepare payroll checks is taken from a payroll register | true |
Created by:
wildcattz98