46 terms

Payroll Accounting (BPA)

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 ___________.
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 ___________.
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 ___________.
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 ___________.
The statement that reports the employee's year-end earnings and withholdings is called a ___________.
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 ___________.
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 ___________.
Until the amount of taxes withheld from the employee salaries are paid by the employer, they are recorded as ___________.
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 ___________.
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?