12 terms

Chapter 13

STUDY
PLAY
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 allowances
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 the 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.