How can we help?

You can also find more resources in our Help Center.

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?