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Acct. Ch.13
Vocabulary Chapter 13
Question | Answer |
---|---|
salary | the money paid for employee services |
pay period | the period covered by a salary payment |
payroll | the total amount earned by all employees for a pay period |
total earnings | the total pay due for a pay period before deductions |
payroll taxes | taxes based on the payroll of a business |
withholding allowance | a deduction from total earnings for each person legally supported by a tax paye, including the employee |
social security tax | a federal tax paid for old-age, survivors, and disability insurance |
medicare tax | a federal tax paid for hospital insurance |
tax base | the maximum amount of earnings on which a tax is calculated |
payroll register | a business form used to record payroll information |
net pay | the total earnings paid to an employee after payroll taxes and other deductions |
employee earnings record | a business form used to record details affecting payments made to an employee |