Chapter 13

Created by mfiler 

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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 allowances

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

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