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Chpt 12 Accounting

Accumulated Earnings The Employee's year-to-date gross earnings.
Commission An amount paid to the employee based on a percentage of the employee sales.
Deduction An amount that is subtracted from an employee's gross earnings.
Direct Deposit Depositing net pay directly into an employee's personal bank account through electronic funds transfer.
Electronic Badge Readers An electronic device that scans the magnetic strip containing employee information on an employee's identification badge and then transfers the information directly to a computer.
Employee's earnings Record A record prepared for each employee that contains all payroll information related to the employee; it is kept on a quarterly basis.
401 (k) Plan A voluntary payroll deduction from earnings; the employee does not pay income tax on the amount contributed until the money is withdrawn from the plan, usually after age 59 1/2
Gross Earnings The total amount of money an employee earns in a pay period; also called gross pay.
Net Pay The amount left after total deductions have been subtracted from gross earnings.
Overtime Rate Pay rate employers are required to pay certain employees covered by state and federal laws; the Fair Labor Standards Act of 1938 sets the rate at 1 1/2 times the regular hourly rate after 40 hours per week.
Pay Period The amount of time over which an employee is paid.
Payroll A list of the employees and the payments due to each employee for a specific pay period.
Payroll Clerk An employee responsible for preparing the payroll.
Payroll Register A form that summarizes information about employees' earnings for each pay period.
Piece Rate A rate of pay based on the number of items produced.
Salary A fixed amount of money paid to an employee for each pay period.
Time Card A record of the time an employee arrives at work, leaves work, and the total number of hours worked each day.
Wage An amount of money paid to an employee at a specified rate per hour worked.
Withholding Allowance An allowance in individual claims on a Form W-4; it is used to calculate the amount of income tax withheld from an employees paycheck.
Created by: 237518