Vocab 1
The total earnings paid to an employee after payroll taxes and other deductions
Net Pay
Businesses Use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government.
True
A federal tax paid for hospital insurance
Medicare Tax
Employee regular earnings are calculated by
regular hours times regular rate
Federal income tax is withheld from employees earnings in which states
All 50 states
The money paid for employee services
Salary
Taxes based on the payroll of a business
Payroll taxes
True/False: Social Security tax is paid by the employer only
False
The total earnings after payroll taxes and other deductions is recorded in what category in the payroll register
Net pay column
Individual payroll checks are usually written from what account
a special payroll checking account.
True/False: A single person will have less income tax withheld than married employee.
False
A business form used to record payroll information
payroll register
The total pay due for a pay period before deductions
Gross pay/Total earnings
A business form used to record details affecting payments made to an employee is an
employee earnings record
Total earnings are sometimes referred to as
Gross Pay
The total amount earned by all employees for a pay period
Payroll
A federal tax paid for old-age, survivors, and disability insurance
Social Security Tax
A deduction from total earnings for each person legally supported by a taxpayer, including the employee.
Withholding allowance
The amount on the employee earnings record used to determine if certain payroll taxes apply to an employee's earnings
accumulated earnings
Each employee name is listed in a payroll register along with employee #, Marital status, and what
Witholding allowances
The period covered by a salary payment
Pay period
The maximum amount of earnings on which a tax is calculated. (Vocab word not number)
Tax Base
A business form used to record details affecting payments made to an employee
Employee earnings record
The accumulated earnings column of the employee earnings record shows what
The total earnings since the first quarter.
Federal income tax withheld