11 terms

Ch. 12 Vocab

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Salary
Money paid for employee services
Pay Period
period covered by a salary payment
Payroll
total amount earned by all employees for a pay period
Total Earnings
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 taxpayer, including the employee
Social Security Tax
a federal tax paid for old age, survivors, and disability insurance
Medicare tax
federal tax paid for hospital insurance
Tax Base
maximum amount of earnings on which a tax is calculated
Payroll register
business form used to record payroll information
Employee Earnings Record
business form used to record details affecting payments mad to an employee
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