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Study sets matching "payroll accounting chapter 1"

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Study sets matching "payroll accounting chapter 1"

29 terms
Payroll accounting - Chapter 1
application form
change in payroll rate form
disability benefits
employee history record
personnel record which gives the applicant an opportunity to…
document that notifies the proper departments of a change in…
payments to employees who are absent from their jobs because…
continuous record of the relationship between the employer an…
application form
personnel record which gives the applicant an opportunity to…
change in payroll rate form
document that notifies the proper departments of a change in…
chapter 1 payroll accounting
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 invol…
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
29 terms
Payroll Accounting Chapter 1
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 involv…
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.
33 terms
Payroll Accounting Chapter 1
The Civil Rights Act of 1964... a. does n…
The Age Discrimination in Employment A…
The American Payroll Association (APA)…
The Federal Wage and Hour law, also kn…
b. forbids employers to discriminate in hiring, firing, promo…
b. provides employment protection for workers over 40.
b. awards the Certified Payroll Professional certificate to t…
a. sets up minimum wage and overtime pay requirements.
The Civil Rights Act of 1964... a. does n…
b. forbids employers to discriminate in hiring, firing, promo…
The Age Discrimination in Employment A…
b. provides employment protection for workers over 40.
34 terms
payroll accounting 2014 Chapter 1
Five Sections of Application Forms
Prehire Inquiries
reference inquiry form
Investigative consumer report
Personal Information... Educational background... Employment and ex…
Questions asked during interviews and application form for a…
checking up with references to an employer, it is the formal…
includes reports of the applicants character, general reputat…
Five Sections of Application Forms
Personal Information... Educational background... Employment and ex…
Prehire Inquiries
Questions asked during interviews and application form for a…
29 terms
Payroll accounting: chapter 1 abbreviations
EE
ER
APA
DOL
Employee
Employer
American payroll association
Department of labor
EE
Employee
ER
Employer
22 terms
Payroll Accounting Chapter 1 Laws-Major Provisions
Fair Labor and Standards Act and Minim…
Davis-Bacon Act
Federal Insurance Contributions Act
Federal Income Tax Withholding Law
• Minimum wage and Overtime Required... • Commission Payments... •…
• Wage protection for skilled and unskilled laborors working…
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 Minim…
• Minimum wage and Overtime Required... • Commission Payments... •…
Davis-Bacon Act
• Wage protection for skilled and unskilled laborors working…
25 terms
Payroll Accounting - Chapter 2
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 di…
biweekly
Remuneration paid every two weeks.
commission
stated percentage of revenue paid an employee who transacts a…
20 terms
Payroll Accounting CH1 Quiz
False
True
True
True
Under federal law, new-hire reporting also applies to newly h…
Under the Family and Medical Leave Act, an employer can subst…
Every state imposes state unemployment taxes on employers in…
The hiring notice is a written record sent to the Payroll Dep…
False
Under federal law, new-hire reporting also applies to newly h…
True
Under the Family and Medical Leave Act, an employer can subst…
35 terms
ACO 1806 Payroll Accounting Chapter 1
Application Form
Change in Payroll Rate Form
Disability Benefits
Employee History Record
personnel record which gives the applicant an opportunity to…
document that notifies the proper departments of a change in…
payments to employees who are absent from their jobs because…
continuous record of the relationship between the employer an…
Application Form
personnel record which gives the applicant an opportunity to…
Change in Payroll Rate Form
document that notifies the proper departments of a change in…
18 terms
Accounting Chapter 1: Current Liabilities & Payroll
liabilities
current liability
long-term liability
short-term note payable
debts that are owed to creditors liabilities have 3 main char…
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…
a written promise made by the business to pay a debt usually…
liabilities
debts that are owed to creditors liabilities have 3 main char…
current liability
a liability that must be paid with cash or within one year or…
86 terms
Payroll Accounting Chapter 4
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…
WW 2
what event sparked Income Tax withholdings?
Rumal Plan
What is the pay as you go method?
16 terms
Chapter 12:Payroll Accounting
Accumulated Earnings
Commission
Deduction
Direct Deposit
The year-to-year gross earnings of an employee
An amount paid to an employee based on a percentage of the em…
An amount subtracted from an employee's gross earnings
The employer's deposit of net pay in an employee's personal b…
Accumulated Earnings
The year-to-year gross earnings of an employee
Commission
An amount paid to an employee based on a percentage of the em…
18 terms
Chapter 12 Payroll Accounting
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
18 terms
Accounting for Payroll - Chapter 11
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…
establishes minimum wage, overtime pay, child labor, required…
is the lowest hourly rate that can be paid to employees cover…
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…
20 terms
Payroll accounting chpt 1
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
5 terms
Chapter 13:Accounting for Payroll and Payroll Taxes
Salary Expense
Federal Unemployment Tax
State Unemployment Tax
Deposit
Total of gross earnings for all employees earning hourly wage…
Otherwise known as FUTA--a federal tax paid by employers to a…
Otherwise known as SUTA--a state tax paid by employers that i…
Payment of payroll taxes to the government
Salary Expense
Total of gross earnings for all employees earning hourly wage…
Federal Unemployment Tax
Otherwise known as FUTA--a federal tax paid by employers to a…
11 terms
Chapter 1: Principles of Payroll
HMRC
RTI
Negative Payroll
Positive Payroll
The government department in charge of collecting taxes.
The process of updating HMRC online using computerised payrol…
Payroll data that repeats each day and does not require addit…
Payroll data that requires active input by the payroll admini…
HMRC
The government department in charge of collecting taxes.
RTI
The process of updating HMRC online using computerised payrol…
6 terms
Payroll Chapter 1
Payroll
Functions within payroll dept.
Payroll Challenges
The Payroll Process
The process used by an organization to pay its employees accu…
-paying employees... -verifying integrity of pay data... -collectin…
-complexity: many federal, state and local laws that affect h…
Employee (new hire) --> Payroll (Input/distribute/report) -->…
Payroll
The process used by an organization to pay its employees accu…
Functions within payroll dept.
-paying employees... -verifying integrity of pay data... -collectin…
22 terms
Accounting chapter 12 payroll
A payroll register is prepared for eac…
Most businesses use computers to prepa…
The Social Security tax and Medicare t…
Form W-4 lists the marital status and…
True
True
True
True
A payroll register is prepared for eac…
True
Most businesses use computers to prepa…
True
14 terms
Accounting Chapter 12 - Payroll
employee earnings record
pay period
medicare tax
net pay
a business form used to record details affecting payments mad…
the period covered by all employees
a federal tax paid for hospital insurance
the total earnings paid to an employee after payroll taxes an…
employee earnings record
a business form used to record details affecting payments mad…
pay period
the period covered by all employees
25 terms
Payroll Accounting - Chapter 2
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 di…
biweekly
Remuneration paid every two weeks.
commission
stated percentage of revenue paid an employee who transacts a…
25 terms
Payroll Accounting Test 1
The current minimum wage
Used to notify the payroll dept to add…
Under what circumstances is it allowed…
In three years or gradually over __ ye…
$7.25
hiring notice
If these factors are bona fide occupational qualifications fo…
6
The current minimum wage
$7.25
Used to notify the payroll dept to add…
hiring notice
13 terms
Payroll chapter 1
Fair Labor Standards Act (FLSA)
Federal Insurance Contributions Act (F…
Federal Unemployment Tax Act (FUTA)
State Unemployment Tax Act (SUTA)
federal law that establishes a minimum wage and requirements…
Social Security Tax deducted from an employee's gross income…
Tax levied on employers that is used to pay state and federal…
Requires employers to pay state unemployment taxes (imposed b…
Fair Labor Standards Act (FLSA)
federal law that establishes a minimum wage and requirements…
Federal Insurance Contributions Act (F…
Social Security Tax deducted from an employee's gross income…
18 terms
Chapter 12 - Payroll Accounting
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
34 terms
Payroll Accounting Chapter 6
Payroll Register
Check-Off System
Garnishment
Disposable Earnings
Includes:... 1. Title of Form... 2. Covered Period... 3. Department or…
Employees pay their dues, assessments, and fees through deduc…
Legal/ Equitable procedures by which a portion of wages must…
Earnings remaining after withholding for FIT/SIT, FICA, and u…
Payroll Register
Includes:... 1. Title of Form... 2. Covered Period... 3. Department or…
Check-Off System
Employees pay their dues, assessments, and fees through deduc…
24 terms
Payroll Accounting - Chapter 2
biweekly
commission
common-law relationship
continental system
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 di…
biweekly
every two weeks
commission
stated percentage of revenue paid an employee who transacts a…
17 terms
Chapter 12 - Payroll Accounting
Pay Period
Deduction
Direct Deposit
Payroll
the amount of time for which an employee is paid
an amount subtracted from an employee's gross earnings
the employer's deposit of net pay in an employee's personal b…
a list of employees of a business and the payments due to eac…
Pay Period
the amount of time for which an employee is paid
Deduction
an amount subtracted from an employee's gross earnings
Payroll Accounting Ch. 1
American Payroll Association
Payroll Guide
Fair Labor Standards Act
Federal Insurance Contributions Act
APA; open membership to anyone interested or engaged in the s…
comprehensive review of changes in regulations affecting payr…
FLSA; Federal Wage and Hour Law; minimum wage, equal pay for…
FICA; social security; separate tax on employees and employer…
American Payroll Association
APA; open membership to anyone interested or engaged in the s…
Payroll Guide
comprehensive review of changes in regulations affecting payr…
20 terms
Payroll Accounting Chapter 4
The amount of federal income taxes to…
A company must withhold federal income…
Noncash fringe benefits that are provi…
All taxable noncash fringe benefits re…
false
When the contractor has not provided a taxpayer identificatio…
False
False - they are required to be added by the last day of the…
The amount of federal income taxes to…
false
A company must withhold federal income…
When the contractor has not provided a taxpayer identificatio…
15 terms
Chapters 12 & 13: Preparing Payroll Records & Payroll Accounting, Taxes, and Reports
employee earnings record
Medicare tax
net pay
pay period
a business form used to record details affecting payments mad…
a federal tax paid for hospital insurance
the total earnings paid to an employee after payroll taxes an…
the period covered by a salary payment
employee earnings record
a business form used to record details affecting payments mad…
Medicare tax
a federal tax paid for hospital insurance
60 terms
Payroll Chapter 1
Objective of the payroll function
In addition to ensuring that employees…
Payroll
The term "Payroll" can refer to :
in every organization is to pay employees accurately and on t…
Payroll practitioners must be able to communicate payroll inf…
The process of paying employees in exchange for the services…
- The department that administers payroll... - The total number…
Objective of the payroll function
in every organization is to pay employees accurately and on t…
In addition to ensuring that employees…
Payroll practitioners must be able to communicate payroll inf…
20 terms
Payroll Chapter 1
Application form
Change in payroll rate form
Disability benifits
Employee history record
personnel record with gives the applicant an opportunity to p…
Document that notifies the proper departments of a change in…
Payments to employees who are absent from their jobs because…
Continuous record of the relationship between the employer an…
Application form
personnel record with gives the applicant an opportunity to p…
Change in payroll rate form
Document that notifies the proper departments of a change in…
30 terms
Chapter 12 Payroll Accounting
Most companies set up a ___________ __…
Payroll
Pay Period
Types of Pay Periods
payroll system
A list of the employees and the payments due to each employee…
The amount of time over which an employee is paid
Weekly (every week)... Biweekly (every 2 weeks)... Semimonthly (twi…
Most companies set up a ___________ __…
payroll system
Payroll
A list of the employees and the payments due to each employee…
19 terms
Chapter 12 Payroll Accounting
Payroll
Pay Period
Payroll Clerk
Gross Earnings
a list of the employees and payment due to each employee for…
the amount of time over which an employee is paid
a clerk responsible for preparing the payroll
the total amount of money an employee earns in a pay period
Payroll
a list of the employees and payment due to each employee for…
Pay Period
the amount of time over which an employee is paid
13 terms
Chapter 12 Payroll- Accounting
Payroll
Pay Period
Payroll Clerk
Gross Earnings
is a list of the employees and the payments due to each emply…
is the amount of time over which an emplyee is paid.
the person is repsonsible for preparing the payroll.
The total amount of money an employee earns in ap ay period.
Payroll
is a list of the employees and the payments due to each emply…
Pay Period
is the amount of time over which an emplyee is paid.
86 terms
Payroll Accounting Chapter 4
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…
WW 2
what event sparked Income Tax withholdings?
Rumal Plan
What is the pay as you go method?
19 terms
Chapter 12 Payroll Accounting
Payroll
Pay Period
Payroll Clerk
Gross earnings
List the payments due to each employee for a specific pay per…
The amount of time over which an employee is paid
Responsible for preparing the payroll
Total amount of money paid to an employee earns in a pay period
Payroll
List the payments due to each employee for a specific pay per…
Pay Period
The amount of time over which an employee is paid
19 terms
Chapter 12 Payroll Accounting
Payroll
Pay period
Payroll clerk
Gross earnings
list the payments due to each employee for a specific pay per…
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 the payments due to each employee for a specific pay per…
Pay period
the amount of time over which an employee is paid
19 terms
Chapter 12: Payroll Accounting
Payroll
Pay Period
Payroll Clerk
Gross Earnings
The total amount earned by all employees for a pay period
The amount of time over which an employee is paid.
The accounting staff position that compiles and computes payr…
the total amount of money an employee earns in a pay period
Payroll
The total amount earned by all employees for a pay period
Pay Period
The amount of time over which an employee is paid.
5 terms
BHS Accounting 10E Chapter 13 Accounting for Payroll and Payroll Taxes
Salary Expense
Federal Unemployment Tax
State Unemployment Tax
Deposit
Total of gross earnings for all employees earning hourly wage…
Otherwise known as FUTA--a federal tax paid by employers to a…
Otherwise known as SUTA--a state tax paid by employers that i…
Payment of payroll taxes to the government
Salary Expense
Total of gross earnings for all employees earning hourly wage…
Federal Unemployment Tax
Otherwise known as FUTA--a federal tax paid by employers to a…
13 terms
Payroll Accounting: Ch.1 Law Vocabulary
Fair Labor Standards Act (FLSA)
Federal Insurance Contributions Act (F…
Income Tax Withholding Laws
Unemployment Tax Acts
*Also known as: Federal Wage and Hour Law... -Minimum wage ($7.2…
*Also known as: Social Security... -Tax on employees and employe…
-Income Tax is the levied earnings of most emplyees and is de…
*Also known as: Federal Unemployment Tax Act (FUTA)... -Used to…
Fair Labor Standards Act (FLSA)
*Also known as: Federal Wage and Hour Law... -Minimum wage ($7.2…
Federal Insurance Contributions Act (F…
*Also known as: Social Security... -Tax on employees and employe…
18 terms
Chapter 12: Payroll Accounting
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.
Responsible for paying 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.
10 terms
Payroll Accounting Chapter 2
Record used in preparing employee's W-2
Also known as the Federal Wage and Hou…
Protection against losses due to work-…
Multicolumn form used to summarize dat…
Employee's earnings record
Fair Labor Standards Act
Workers' compensation insurance
Payroll register
Record used in preparing employee's W-2
Employee's earnings record
Also known as the Federal Wage and Hou…
Fair Labor Standards Act
19 terms
Chapter 12. Payroll Accounting
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;…
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
34 terms
Payroll Accounting Chapter 6
Payroll Register
Check-Off System
Garnishment
Disposable Earnings
Includes:... 1. Title of Form... 2. Covered Period... 3. Department or…
Employees pay their dues, assessments, and fees through deduc…
Legal/ Equitable procedures by which a portion of wages must…
Earnings remaining after withholding for FIT/SIT, FICA, and u…
Payroll Register
Includes:... 1. Title of Form... 2. Covered Period... 3. Department or…
Check-Off System
Employees pay their dues, assessments, and fees through deduc…
19 terms
Chapter 12 payroll accounting
Payroll
Pay period
Payroll clerk
Gross earning
The total amount earned by all employees for a pay period
the period covered by a salary payment
Responsible for preparing the payroll.
the total amount of money an employee earns in a pay period
Payroll
The total amount earned by all employees for a pay period
Pay period
the period covered by a salary payment
17 terms
Payroll Accounting Chapter 4
Annualizing Wages
Backup Withholding
De Minimis Fringe Benefit
Defined Contribution Plan
method of determining amount of income taxes to be withheld b…
amount of income tax withheld by payers of taxable interest,…
any property or service the value of which is so small that a…
a retirement plan that provides future benefits based solely…
Annualizing Wages
method of determining amount of income taxes to be withheld b…
Backup Withholding
amount of income tax withheld by payers of taxable interest,…
17 terms
Payroll accounting chapter 4
Annualizing wages
Backup withholding
De minimis fringe benefits
Defined contribution plan
Method of determining amount of income to be withheld by mult…
Amount of income taxes withheld by payers of taxable interest…
Any property or service the value of which is so small that a…
A retirement plan that provides future benefits based solely…
Annualizing wages
Method of determining amount of income to be withheld by mult…
Backup withholding
Amount of income taxes withheld by payers of taxable interest…
20 terms
Payroll Accounting Chapter 2
In August 2014, the minimum hourly wag…
"Engaged to wait" and "waiting to be e…
The FLSA requires that employees be gi…
Under no conditions may children under…
$7.25
False
False
False
In August 2014, the minimum hourly wag…
$7.25
"Engaged to wait" and "waiting to be e…
False
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