Pay____?
The number of days or weeks of work covered by an employee's paycheck.
What is pay period?
A qualified retirement plan sponsored by an employer.
What is a 401(k)?
The maximum amount of gross earnings on which a tax is calculated.
What is tax base?
The total earnings paid to an employee after payroll taxes and other deductions.
What is net pay?
A fixed annual sum of money divided among equal pay periods.
What is a salary?
Taxes based on the payroll of a business.
What are payroll taxes?
A qualified retirement plan that provides most individuals with a deferred federal income tax benefit.
A federal tax paid for hospital insurance.
What is medicare tax?
The total amount an employee makes before deductions.
What is gross pay?
A deduction from total earnings for each person legally supported by a taxpayer, including the employee.
What is withholding allowance?
The total amount earned by all employees for a pay period.
What is payroll?
A retirement savings plan approved by the IRS that provides individuals with a tax benefit.
What is a qualified retirement plan?
A federal tax paid for old-age, surviviors, and disability insurance.
What is social security tax?
The amount paid to an employee for every hour worked.
What is wage?
The payment of an employee's net pay using electronic funds transfer.
What is direct deposit?
Any amount withheld from an employee's gross earnings.
What is payroll deduction?
A qualified retirement plan that allows tax-free withdrawals from the account.
What is a Roth individual retirement account (IRA)?
Social security tax is only paid by the employer. (T/F)
What is False?
A method of paying an employee based on the amount of sales the employee generates.
What is commission?
An accounting form that summarizes the earnings, deductions, and net pay of all employees for one pay period.
What is payroll register?
The accounting staff position that compiles and computes payroll data, then prepares, journalizes, and posts payroll transactions.
What is payroll clerk?
Qualified retirement plans are approved by ______.
Who is the IRS?
The amount of income tax withheld from each employee's total earnings is determined from the number of _________ and by the employee's ______.
What are withholding allowances and marital status?
The total gross earnings year to date for an employee.
What is accumulated earnings?
The total amount paid by a business for an employee's work, earned by a wagem salary, or commission.
What is total earnings?