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Exam 5

ACC 117

TermDefinition
direct deposit a payroll method in which the employee does not handle the paycheck; payment is made by the employer directly to the employee's bank account using EFT
electronic system a computer system based on a software package that performs all payroll record keeping and prepares payroll checks
employee someone who works under the control and direction of an employer
employee earnings record a separate record of each employee's earnings
Fair Labor Standards Act (FLSA) a law that requires employers to pay overtime at 1 1/2 times the regular rate to any hourly employee who works over 40 hours in a week
FICA taxes payroll taxes withheld to provide Social Security and Medicare benefits
gross pay an employees total earnings
independent contractor someone who performs a service for a fee and does not work under the control and direction of the company paying for the service
manual system payroll system in which all records are prepared by hand
net pay gross pay less mandatory and voluntary deductions
payroll processing center a business that sells payroll record-keeping services
payroll register a form used to assemble the data required at the end of each period
percentage method a method of determining the amount to withhold from an employee's gross pay for a specific time period.
salary compensation for managerial or administrative services
wages compensation for skilled or unskilled labor
withholding allowance a specific dollar amount of an employee's gross pay that is exempt from federal income tax withholding
Electronic Federal Tax Payment System (EFTPS) an electronic funds transfer system for making federal tax deposits
employer FICA taxes taxes levied on employers at the same roles and on the same earnings bases as the employee FICA taxes
experience-rating system a system to encourage employers to provide regular employment to workers
FUTA (Federal Unemployment Tax Act) tax a tax levied on employers to raise funds to administer the federal/state unemployment compensation program
Self-Employment Contributions Act (SECA) a government act that requires self-employed individuals to pay tax on net self-employment income
self-employment income the net income of a trade or business by an individual
self-employment tax a tax on the earnings of self-employed person at double the Social Security and Medicare rates
SUTA (State Unemployment Tax) tax a tax levied on employees to raise funds to pay unemployment benefits
workers compensation insurance insurance carried by employers for employees who suffer a work-related illness or injury
Created by: anichols23
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