Study sets matching "payroll accounting chapter 1"
Study sets
Classes
Users
Employee's earnings record
Payroll register
Executive orders
Fair Labor Standards Act
Record used in preparing employee's W-2
Multi-column form used to summarize data needed each pay date
Anti-discrimination orders for employers with contracts involv…
Also known as the Federal Wage and Hour Law
Employee's earnings record
Record used in preparing employee's W-2
Payroll register
Multi-column form used to summarize data needed each pay date
Employees Earnings Record
Payroll Register
Executive Orders
Fair Labor Standards Act
Record used in preparing employees W-2.
Multicolumn form used to summarize data needed each pay date.
Antidiscrimination orders for employers with contracts involvi…
Also known as Federal Wage and Hour Law.
Employees Earnings Record
Record used in preparing employees W-2.
Payroll Register
Multicolumn form used to summarize data needed each pay date.
Fair Labor Standards Act (FLSA)
Federal Insurance Contributions Act (FI…
Federal income tax
State and local income tax
Also known as Federal Wage & Hour Law of 1938... Minimum wage is…
Comprised of two taxes ... Both taxes paid by employer and employ…
Levied on earnings of employees... and is withheld from paychecks
Income tax is withheld from paychecks... Different in each state…
Fair Labor Standards Act (FLSA)
Also known as Federal Wage & Hour Law of 1938... Minimum wage is…
Federal Insurance Contributions Act (FI…
Comprised of two taxes ... Both taxes paid by employer and employ…
Employee's earnings record
Payroll register
Executive orders
Fair Labor Standards Act
Record used in preparing employee's W-2
Multi-column form used to summarize data needed each pay date
Anti-discrimination orders for employers with contracts involv…
Also known as the Federal Wage and Hour Law
Employee's earnings record
Record used in preparing employee's W-2
Payroll register
Multi-column form used to summarize data needed each pay date
Application Form
Change in Payroll Rate Form
Disability Benefits
Employee History Record
personnel record which gives the applicant an opportunity to p…
document that notifies the proper departments of a change in t…
payments to employees who are absent from their jobs because o…
continuous record of the relationship between the employer and…
Application Form
personnel record which gives the applicant an opportunity to p…
Change in Payroll Rate Form
document that notifies the proper departments of a change in t…
Applicable large employers (ALEs)
application form
change in payroll rate form
disability benefits
employers with 50 or more full-time employees during the previ…
personnel record which gives the applicant an opportunity to p…
document that notifies the proper departments of a change in t…
payments to employees who are absent from their jobs because o…
Applicable large employers (ALEs)
employers with 50 or more full-time employees during the previ…
application form
personnel record which gives the applicant an opportunity to p…
Fair Labor and Standards Act and Minimu…
Davis-Bacon Act
Federal Insurance Contributions Act
Federal Income Tax Withholding Law
• Minimum wage and Overtime Required... • Commission Payments... • S…
• Wage protection for skilled and unskilled laborors working f…
Imposes Soc. Sec. and Medicare Tax... Employer and Employer pay…
Income tax is levied on earning of most employees... o Deducted…
Fair Labor and Standards Act and Minimu…
• Minimum wage and Overtime Required... • Commission Payments... • S…
Davis-Bacon Act
• Wage protection for skilled and unskilled laborors working f…
liabilities
current liability
long-term liability
short-term note payable
debts that are owed to creditors liabilities have 3 main chara…
a liability that must be paid with cash or within one year or…
a liability that does not need to be paid within one year or w…
a written promise made by the business to pay a debt usually i…
liabilities
debts that are owed to creditors liabilities have 3 main chara…
current liability
a liability that must be paid with cash or within one year or…
direct deposit
electronic system
employee earnings record
FICA taxes
A payroll method in which the employee does not handle the pay…
A computer system based on a software package that performs al…
A separate record of each employee's earnings.
Payroll taxes withheld to provide Social Security and Medicare…
direct deposit
A payroll method in which the employee does not handle the pay…
electronic system
A computer system based on a software package that performs al…
payroll
pay period
payroll clerk
gross earnings
list of employees and the payment due to each employees
amount of time over which an employee is paid
is responsible of preparing the payroll
total amount of money an emplyee makes
payroll
list of employees and the payment due to each employees
pay period
amount of time over which an employee is paid
payroll
pay period
payroll clerk
gross earnings
list of employees and the payments due to each employee for a…
the amount of time over which an employee is paid
responsible for preparing the payroll
total amount of money an employee earns in a pay period
payroll
list of employees and the payments due to each employee for a…
pay period
the amount of time over which an employee is paid
Fair labor standards act
Federal insurance contribution act
Income tax withholding laws
Unemployment tax acts
Refers to the federal wage and hour law
Tax, social security
Income tax withholding
Unemployment taxes
Fair labor standards act
Refers to the federal wage and hour law
Federal insurance contribution act
Tax, social security
Employee
Indepentdent Contractor
Fair Labor Standards Act
Minimum Wage
is under direct control of the employer on a continuing basis
agrees to perform and complete a specific job or task and is l…
establishes minimum wage, overtime pay, child labor, required…
is the lowest hourly rate that can be paid to employees covere…
Employee
is under direct control of the employer on a continuing basis
Indepentdent Contractor
agrees to perform and complete a specific job or task and is l…
What is the purpose of a payroll system?
What are some differences between Large…
What is Certified Payroll? Which compan…
Why might it be a good idea to let ee's…
Job planning; strategic HRM; cost mgmt; benefit analysis
- Large) many departments; portals, websites; rely on payroll…
Way that the federal government keeps track of the money spent…
Can see PTO time; track benefits. ... Could be unethical and the…
What is the purpose of a payroll system?
Job planning; strategic HRM; cost mgmt; benefit analysis
What are some differences between Large…
- Large) many departments; portals, websites; rely on payroll…
Controller
Deposit
Federal unemployment tax
Lookback period
The chief accountant in an organization, having responsibility…
The payment of payroll taxes to the government.
A federal tax paid by employers to administer the unemployment…
The 12-month period that ends on June 30th of the prior year t…
Controller
The chief accountant in an organization, having responsibility…
Deposit
The payment of payroll taxes to the government.
WW 2
Rumal Plan
fair market value
flexible reporting
what event sparked Income Tax withholdings?
What is the pay as you go method?
what are non cash payments made to employees taxed based on?
this allows employers to report fringe benefits however they w…
WW 2
what event sparked Income Tax withholdings?
Rumal Plan
What is the pay as you go method?
biweekly
commission
common-law relationship
continental system
Remuneration paid every two weeks.
stated percentage of revenue paid an employee who transacts a…
the state existing when the employer has the right to control…
method of recording time on time cards in which the day is div…
biweekly
Remuneration paid every two weeks.
commission
stated percentage of revenue paid an employee who transacts a…
The current minimum wage
Used to notify the payroll dept to add…
Under what circumstances is it allowed…
In three years or gradually over __ yea…
$7.25
hiring notice
If these factors are bona fide occupational qualifications for…
6
The current minimum wage
$7.25
Used to notify the payroll dept to add…
hiring notice
Salary Expense
Federal Unemployment Tax
State Unemployment Tax
Deposit
Total of gross earnings for all employees earning hourly wages…
Otherwise known as FUTA--a federal tax paid by employers to ad…
Otherwise known as SUTA--a state tax paid by employers that is…
Payment of payroll taxes to the government
Salary Expense
Total of gross earnings for all employees earning hourly wages…
Federal Unemployment Tax
Otherwise known as FUTA--a federal tax paid by employers to ad…
The amount of federal income taxes to b…
A company must withhold federal income…
Noncash fringe benefits that are provid…
All taxable noncash fringe benefits rec…
false
When the contractor has not provided a taxpayer identification…
False
False - they are required to be added by the last day of the y…
The amount of federal income taxes to b…
false
A company must withhold federal income…
When the contractor has not provided a taxpayer identification…
payroll
pay period
payroll clerk
gross earnings
A list of the employees and the payments due to each employee…
The amount of time over which an employee is paid.
An employee responsible for preparing the payroll.
The total amount of money an employee earns in a pay period; a…
payroll
A list of the employees and the payments due to each employee…
pay period
The amount of time over which an employee is paid.
payroll department
semimonthly payroll
biweekly payroll
self-service online portal
payroll staff spends most of its time on payroll data entry fo…
paying employees twice a month
paying employees once every two weeks
having employees enter information directly into the payroll s…
payroll department
payroll staff spends most of its time on payroll data entry fo…
semimonthly payroll
paying employees twice a month
payroll
pay period
payroll clerk
gross earning
a list of the employees and the payments due to each employee…
the amount of time over which an employee is paid
responsible for preparing the payroll
the total amount of money an employee earns in a pay period
payroll
a list of the employees and the payments due to each employee…
pay period
the amount of time over which an employee is paid
payroll
pay period
payroll clerk
gross earnings
list of employees and the payments due to each employee for a…
the amount of time over which an employee is paid
responsible for preparing the payroll
total amount of money an employee earns in a pay period
payroll
list of employees and the payments due to each employee for a…
pay period
the amount of time over which an employee is paid
payroll
pay period
payroll clerk
gross earnings
list of employees and the payments due to each employee for a…
the amount of time over which an employee is paid
responsible for preparing the payroll
total amount of money an employee earns in a pay period
payroll
list of employees and the payments due to each employee for a…
pay period
the amount of time over which an employee is paid