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Payroll Accounting

Parson Chp 12 Payroll Accounting

QuestionAnswer
Payroll a list of the employees and the payments due to each employee for a specific pay period.
Pay period The amount of time over which an employee is paid.
Payroll clerk person responsible for preparing the payroll.
gross earnings The total amount of money an employee earns in a pay period.
salary a fixed amount of money paid to an employee for each pay period.
wage an amount of money paid to an employee at a specified rate per hour worked.
time card a record of the times an employee arrives and leaves work each day.
electronic badge readers employee is issued an ID badge with a magnetic strip that contains employee information. When the employee inserts the ID badge into the badge reader, the magnetic strip is scanned and information is transferred directly to the computer.
commission An amount paid to an employee based on a percentage of the employee's sales.
overtime rate Employers are required to pay overtime when employees covered by these laws work more than 40 hours per week.
deduction An amount that is subtracted from an employee's gross earnings.
allowance Reduces the amount of income tax to be withheld.
401(k) plan An employee contributes a portion of gross earnings to an account in the 401(k) plan and does not pay income tax on the contributed earnings.
payroll register a form that summarizes information about employees' earnings for each pay period.
net pay the amount left after total deductions are subtracted from gross earnings.
direct deposit the depositing of an employee's net pay directly into her or his personal bank account; usually made through electronic funds transfer.
employee's earnings record an individual payroll record prepared for each employee; includes data on earnings, deductions, net pay, and accumulated earnings.
Accumulated earnings the employee's year-to-date gross earnings, or the employee's gross earnings from the beginning of the year through the end of each pay period.