12 terms

Chapter 12 Vocab.


Terms in this set (...)

The money paid for employee services
Pay Period
The period covered by a salary payment
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 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, disability insurance
Medicare Tax
A federal tax paid for hospital insurance
Tax Base
The maximum amount of earnings on which a 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