12 terms

Advanced Accounting Vocab Chapter 12

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Terms in this set (...)

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 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
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.