Computing total earning of Employees
Paid by the hour.
What is hourly rate basis?
A tax that funds those of old age, survivors of accidents, and the disabled. Also known as the FICA/OSADI tax.
What is social security tax?
Extra payment for those who work overtime.
Time and a half
Federal Insurance Contributions Act; ensures families and employees receive benefits for circumstances where they cannot work.
What is Social Security Act?
Payroll information on record for employees each pay period.
Paid the consistent amount weekly, hourly, or monthly.
Salary Basis
A tax imposed on employees/employers in order to provide medicare for their spouses after they reach 65.
What is Medicare Tax?
Someone who works for employers
What is Employee
Protects/compensates employees who lose their jobs due to injuries (on job) or family deaths.
What is workers compensation insurance?
Table by government used to find the amount of federal income that is withheld.
What is the Wage-bracket table method?
Workers that earned a percentage of net sales.
What is Commission Basis?
A tax that employees have to pay in order to benefit unemployed workers.
What is state unemployment taxes (SUTA)?
A person who works for the company but is not under direct supervision.
What is Independent Contractor?
A form to let the employers know how much to withhold from employee's paycheck
What is Employee's Withholding Allowance Certificate, Form W-4?
Details of all compensation claims made by workers of an employee.
What is Compensation Record?
What is Piece-rate-Basis?
A federal tax against employees to pay in order to benefit unemployed workers.
Federal unemployment taxes (FUT)?
An employee record with information need to compute earnings and incomplete tax reports
What is an Individual earnings record?
Federal income is not withheld from your paycheck. Set by SS Act.
What is Tax-exempt wages?
Those who hold higher positions and are not subjected to over time pay.
What are exempt employees?