Payroll Accounting (BPA)

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Minimum wage and overtime pay requirements

The Fair Labor Standards Act sets up the ___________.

Regular hours time regular rate

Employee regular earnings are calculated as ___________.

Payroll

For many businesses, what is the largest expense?

Gross earnings

The total amount of money an employee earns in a pay period is the employee's ___________.

Salary

One common method of paying managers or supervisors is by ___________.

Nearest quarter hour

Most companies round work arrival and departure time to the ___________.

Encourage increased sales

Sales employees are often paid a commission to ___________.

Medicare and social security

By law, what emploee payroll taxes are required to be withheld?

Marital status and allowance numbers

Form W-4 provides information for withholding tax information such as ___________.

Federal Insurance Contributions Act

FICA is an acronym for ___________.

Journalizing payroll entries

The payroll register is the source document for ___________.

Cash control

Most businesses pay their employees by check as a means of ___________.

Providing information on accumulated earnings

The employee's earning record is necessary due to ___________.

Cash

The account credited for the total net pay is ___________.

Both the employee and employer

Medicare and Social Security taxes are paid by ___________.

Comission plan

Employees who are paid a precentage of their sales are paid on a ___________.

Federal income tax withheld

The withholding allowances of an employee affects ___________.

Payroll register

The form that summarizes information about all employee pay period earnings is called a(n) ___________.

Gross earnings

The Salaries Expense account is debited for ___________.

W-2

The statement that reports the employee's year-end earnings and withholdings is called a ___________.

W-4

New employees complete a ___________ to ensure taxes are properly withheld.

Voluntary pay deductions

Deductions from an employee's earnings, such as bonds and charitable contributions are ___________.

Accumulated earnings

The employee's year to date earnings are called ___________.

Salary

The money paid for employee services are ___________.

Gross pay

The total amount of pay due to an employee for a pay period before an deductions are taken is ___________.

Tax base

The maximum amount of earnings on ehich a tax is calculated is a ___________.

Social Security Tax

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

Medicare Tax

A federal tax paid for hospital insurance is ___________.

Employee earnings record

The business form used to record details affecting payment made to an employee is ___________.

Payroll register

Information used to prepare the payroll check is taken from the ___________.

Accumulated earnings

The amount of an employee's earnings used to determine if certain payroll taxes will be deducted is ___________.

Federal income tax withheld

The number of withholding allowances of an employee affect the ___________.

Liabilities

Until the amount of taxes withheld from the employee salaries are paid by the employer, they are recorded as ___________.

W-2

Employers are required by law to furisn each employee with a statement of annual earnings and deductions. This form is called ___________.

January 31 of the following year

Employers are required by lay to furish each employee with a statement of annual earnings and deductions no later than ___________.

The same as the employees rate of social security tax

The amount of social security tax paid by an employer is ___________.

Piece rate plan

A payment plan where earnings are based on units produced is called a ___________.

Fair Labor Standards Act (FLSA)

The law that regulates wages and hours of work, including minimum wage and overtime is ___________.

Garnishment

When a court of law orders deductions from an employee's wages it is called a ___________.

Wage bracket method

Determining income tax to be withheld using a tax table is the ___________.

Fair employment laws

Laws that prohibit employment discrimination based on age, race, color, religion, sex, or national origin are ___________.

Unemployement compensation benefits

Workers who are tempoararily unemployed recieve ___________.

Keeping a diary

The third step in the accounting cycle, journalizing, can be compared to ___________.

Preparing a post closing trial balance

The final step in the accounting cycle is ___________.

Publication 15

The IRS Employer tax guide that is a valuable resource for preparing payroll is ___________.

Generates payroll records and reports

Besides preparing and issuing checks, an accurate payroll system achieves what other goals?

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