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Accounting ch 8
College Accounting ch 8
| Question | Answer |
|---|---|
| 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. |
| 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) | Payroll taxes withheld to provide Social Security and Medicare benefits. |
| Gross Pay | Anemployee's 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 preparedby 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 payroll period. |
| Salary | Compensation for managerial or administrative services. |
| Wage-Bracket Method | A method of determining the amount to withhold from an employee's gross pay for a specific time period. Wage-bracket tables are provided by Internal Revenue Service. |
| 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. |
Created by:
dengler
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