Accounting Chap 13

33 terms by jmteague

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Employee Earning record

A buisness form used to recored details affecting payments made to an employee

Medicare Tax

A federal tax paid for hospital insurance

net pay

The total earnings paid to an employee after payroll taxes and other deductions.

pay period

The period covered by a salary payment

payroll

the total amount earned by all employees for a pay period

payroll register

a business form used to record payroll information.

payroll taxes

Taxes based on the payroll of a business

salary

the money paid for employee services.

social security tax

A federal tax paid for old-age, survivors, and disability insurance.

tax base

the maximum amount of earnings onw hich a tax is calculated

total earnings

the total pay due for a pay perod before deductions

withholding allowance

A deduction from total earnings for each person legally supported by a taxpayer, including the employee.

True

Businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government.

True

All deductions from employee wages are recorded in a payroll register.

False

The first task in preparing a payroll is to determine the number of days worked by each employee.

False

Total earnings are sometimes referred to as net pay or net earnings.

True

Payroll taxes withheld represent a liability for an employer until payment is made.

True

When an empolyee's earnings exceed the tax base, no more social security tax is deducted.

True

The amount of income tax withheld from each employee's total earnings is determined from the number of withholding allowances and by the employee's marital status.

True

Employee total earnings are calculated as regular hours X regular rate, plus overtime hours X overtime rate.

True

A business is required by law to withhold certain payroll taxes from employee salaries.

False

A single person will have less income tax withheld than a married employee.

False

Social security tax is paid by the employer only.

True

The information used to prepare payroll checks is taken from a payroll register.

Regular hours times regular rate

Employee regular earnings are calculated as

In all 50 states

Federal income tax is withheld from employee earnings.

Federal income tax withheld

The withholding allowances of an employee affect _________.

Employee number, marital status, and withholding allowances.

Each employee name is listed in a payroll regster along with _______.

Net Pay column

The total earnings paid to an employee after payroll taxes and other decuctions is recorded in the payroll registers's _______.

a special payroll checking account

Individual payroll checks are usually written on __________.

an employee earnings record.

A business form used to record details affecting payments made to an employee is _________.

is the total earnings since the first of the year.

The Accumulated Earnings column of the employee earnings record ___________.

accumulated earnings.

The amount on the employee earnings record used to determine if certain payroll taxes apply to an employee's earnings is __________.

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