How can we help?

You can also find more resources in our Help Center.

Study sets matching "payroll accounting chapter 3"

Study sets
Classes
Users

Study sets matching "payroll accounting chapter 3"

33 terms
Payroll Accounting - ACC 62 - Chapter 3
educational assistance
employer
employment
independent contractors
the expenses that an employer pays for an employee's educatio…
any person or organization who employs one or more individual…
any service performed by employees for their employer, regard…
persons who follow an independent trade, business, or profess…
educational assistance
the expenses that an employer pays for an employee's educatio…
employer
any person or organization who employs one or more individual…
20 terms
Payroll Accounting Ch 3 Quiz
Social Security Act
partners
value of meals furnished employees for…
12.4% OASDI, 2.9% HI
Imposes two taxes on employers, two taxes on employees, OASDI…
FICA defines all of the following as employees except:... vice p…
Each of the following items is accurately defined under FICA…
The FICA tax rates for the self-employed are
Social Security Act
Imposes two taxes on employers, two taxes on employees, OASDI…
partners
FICA defines all of the following as employees except:... vice p…
13 terms
ACO Payroll Accounting Chapter 3
Educational Assistance
Employer
Employment
Independent Contractors
the expenses that an employer pays for an employee's educatio…
any person or organization who employs one or more individual…
any service performed by employees for their employer, regard…
persons who follow an independent trade, business, or profess…
Educational Assistance
the expenses that an employer pays for an employee's educatio…
Employer
any person or organization who employs one or more individual…
20 terms
Chapter 3 Payroll Accounting Test Study Guide
Which of the following deposit require…
The Social Security Act requires worke…
Barr fails to make a timely deposit of…
Employees of a state government hired…
The next friday.... (D. The taxes must be deposited on or before…
False
2%
false
Which of the following deposit require…
The next friday.... (D. The taxes must be deposited on or before…
The Social Security Act requires worke…
False
68 terms
Payroll Accounting 2014 CH 3-Bieg- Toland
FICA Act
What does FICA stand for?
What is OASDI?
What does HI stand for?
Imposes two taxes on employee and two taxes on employers. FIC…
Federal Insurance Contribution
Finances the federal old-age, survivors, and disability insur…
Hospital insurance. Or Medicare program
FICA Act
Imposes two taxes on employee and two taxes on employers. FIC…
What does FICA stand for?
Federal Insurance Contribution
84 terms
Payroll Accounting Ch. 3
SECA
FICA
person
occupations specifically covered by FICA
what is tax on the net earnings of the self employed?
what are the following qualifications for:... is individual an…
this is an individual, trust or estate, partnership or corpor…
what are:... agent and commission drivers... full time life insur…
SECA
what is tax on the net earnings of the self employed?
FICA
what are the following qualifications for:... is individual an…
12 terms
Payroll Chapter 3
Dismissal pay is considered this type…
Employees may use this Form to report…
Employer payments made directly to emp…
The FICA tax rates and taxable wage ba…
taxable
4070
taxable
same
Dismissal pay is considered this type…
taxable
Employees may use this Form to report…
4070
10 terms
Accounting II Chapter 3 - Calculating and Recording Departmental Payroll Data
The money paid for employee services.
The period covered by a salary payment.
The total amount earned by all employe…
Taxes based on the payroll of a busine…
salary
pay period
payroll
payroll taxes
The money paid for employee services.
salary
The period covered by a salary payment.
pay period
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…
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…
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…
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…
10 terms
Chapter 3 Payroll
Electronic funds transfer (EFT)
Employee's Withholding Allowance Certi…
Exemptions
Federal Tax Deposit Coupon
a way in which money is moved electronically from one account…
a form used by employers to determine the amount of income ta…
the number of allowances an employee claims for self plus dep…
a form used to transfer taxes withheld through a local bank t…
Electronic funds transfer (EFT)
a way in which money is moved electronically from one account…
Employee's Withholding Allowance Certi…
a form used by employers to determine the amount of income ta…
10 terms
Payroll Chapter 3 Matching
Employer's FICA tax rates
Form SS-4
Semiweekly depositor
Taxable for FICA
6.2% and 1.45
Application for Employer Identification Number
By the 15th day of the following month
Cash value of meals provided for employees' convenience
Employer's FICA tax rates
6.2% and 1.45
Form SS-4
Application for Employer Identification Number
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…
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
13 terms
Payroll Management Chapter 3
collection cost
data errors
employee effort
interface to payroll system
cost required employees to record information, the cost requi…
errors causes by the result of some types of data collection…
some data entry systems require manual input from employees,…
more automated time tracking solutions interface perfectly in…
collection cost
cost required employees to record information, the cost requi…
data errors
errors causes by the result of some types of data collection…
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…
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.
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
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…
76 terms
Payroll Chapter 3
The Canada Pension Plan
Employment Insurance
Record of Employment
Statutory Deductions
-CPP... - A social insurance program... - Legislated under the fede…
- EI... - Social Insurance program... - provides assistance to work…
- ROE... -form used by Service Canada to determine an individual…
Deductions that are required under federal legislation. (Legi…
The Canada Pension Plan
-CPP... - A social insurance program... - Legislated under the fede…
Employment Insurance
- EI... - Social Insurance program... - provides assistance to work…
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.
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
10 terms
Chapter 3 Payroll
Electronic funds transfer (EFT)
Employee's Withholding Allowance Certi…
Exemptions
Federal Tax Deposit Coupon
a way in which money is moved electronically from one account…
a form used by employers to determine the amount of income ta…
the number of allowances an employee claims for self plus dep…
a form used to transfer taxes withheld through a local bank t…
Electronic funds transfer (EFT)
a way in which money is moved electronically from one account…
Employee's Withholding Allowance Certi…
a form used by employers to determine the amount of income ta…
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
68 terms
Payroll Accounting 2014 CH 3-Bieg- Toland
FICA Act
What does FICA stand for?
What is OASDI?
What does HI stand for?
Imposes two taxes on employee and two taxes on employers. FIC…
Federal Insurance Contribution
Finances the federal old-age, survivors, and disability insur…
Hospital insurance. Or Medicare program
FICA Act
Imposes two taxes on employee and two taxes on employers. FIC…
What does FICA stand for?
Federal Insurance Contribution
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…
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.
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
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.
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…
56 terms
Payroll chapter 3
How are expense reimbursements treated?
How are the Car Allowances Provided
When is car allowance taxed
When does Canada Revenue Agency (CRA)…
Expense reimbursements are amounts paid to employees to cover…
Car allowances can be provided as a:... • flat amount, for exam…
The taxability of a car allowance or reimbursement is based o…
when all of the following conditions apply... • the allowance i…
How are expense reimbursements treated?
Expense reimbursements are amounts paid to employees to cover…
How are the Car Allowances Provided
Car allowances can be provided as a:... • flat amount, for exam…
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
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
1 of 10