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term 102 unit 2

payroll

QuestionAnswer
Gross Earning The total amount earned for work provided
Federal Depository Money withheld from the employee's salary and deposited to the employers tax account
Net Earning Compensation for services minus any deductions
FICA Social Security Tax
Endorser Person transferring ownership of the check by signature
Payroll deductions Amounts for taxes and social security which are withheld from every emplyee's pay
Bank statement Statement sent by then bank to customer showing the status of the account.
Salary Compensation for the services or work provided for a specific period of time
Reconciliation Balancing of a checkbook with a bank statement
Fair debt collection act The threat to take action that cannot be taken legally
Safe deposit box A locked fire proof box used to hold valuable
Third party checks made out by an unknown individual to the patient
Blank Endorsement check made payable to the bearer, the payee signs their own name
Special Endorsement words specifying the person to whom the check is payable
Accounts Receivable ratio measures how fast outstanding account are paid
W4 Form filled out by an employee authoring payroll deductions
Cashier's Check a bank signed by the bank for an amount drawn against the persons own account
Statement notice of amount owed
Money order purchased at a store for the face value, plus a fee used like a check
NSF Non Sufficient Funds (not enough money in the bank to cover the check)
Created by: nataliecapel