Tax
Type of tax that helps people over the age of 65
What is medicare tax
Basis used to pay employees based on the % of net sales
What is commission basis?
Person who is payed to work for an employer and company
What is an employee?
Method that helps determine the amount of federal income tax to be withheld using a table from the gov
What is wage-bracket table method?
Fund that handles small cash transactions
What is petty-cash fund?
Type of tax that helps with retirement and disabilities
What is social security
Basis used to pay employees based on the number of hours they worked
What is hourly rate basis?
Payed employees who have supervisory or managerial positions who don't meet he maximum hour and overtime pay provisions of the Wage and Hour Law
What is an exempt employee?
Contains information needed to compute earnings and tax reports
What is individual earnings record?
Journal used to record cash payments
What is cash payments journal?
What is State unemployment taxes (SUTA)
Rate of pay when employees work over 40 hours in a week
What is time and a half?
Insurance that protects employees from from job-related injuries or illnesses
What is workers’ compensation insurance?
Person who is paid by a company that does specific task or job but is not under supervision
What is independent contractor?
Form that shows transactions during the month and balances owed
What is statement of accounts?
Excess earnings that exceed the base amount set by the Social Security Act
What is tax-exempt wages?
Way to pay employees based on number of units produced
What is piece-rate basis?
Provides benefits for employees and their families
What is social security?
Lists the earnings of an individual
What is compensation record?
Journal used to record transactions involving receipts of cash
A way to figure out the amount of federal income tax to be withheld using a table
What is wage-bracket table method?
Way to pay employees based on an agreed amount for each week or month
What is salary basis?
A form used to withhold allowances
What is Employee’s Withholding Allowance Certificate, Form W-4 ?
Record that keeps payroll information for each employee for the pay period
What is payroll register?
Transportation charges for items purchased
What is Freight In?