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Accounting Ch.12

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
Salary   The money paid for employee services  
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Pay Period   The period covered by a salary payment  
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Payroll   The total amount earned by all employees for a pay period  
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Total Earnings   The total pay due for a pay period before deductions  
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Payroll Taxes   Taxes based on the payroll of a business  
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Withholding Allowance   A deduction from total earnings for each person legally supported by a taxpayer, including the employee  
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Social Security Tax   A federal tax paid for old-age, survivors, and disability insurance  
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Medicare Tax   A federal tax paid for hospital insurance  
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Tax Base   The maximum amount of earnings on which a tax is calculated  
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Payroll Register   A business form used to record payroll information  
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Net Pay   The total earnings paid to an employee after payroll taxes and other deductions  
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Employee Earnings Record   A business form used to record details affecting payments made to an employee  
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Created by: bailey.baucom69
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