Taxes
Medicare Tax
Payment based on the number of hours you work during a week.
hourly rate basis
A person who works for a company.
Employee
A form that shows information about taxes withheld.
W-2
Established government retirement funding.
Social Security Act
This tax, also commonly known as FICA, is for a pool of money accessed by retired people.
Social Security Tax
Payment in a standard of weeks or years.
Salary Basis
Somebody who works 40 hours or more per week.
Full Time Employee
A form used to file tax returns.
W-4
A program in which companies fund 401k's or IRA's.
Retirement Contribution Match
Wages that fall below the first tax bracket.
Tax Exempt Wages
Wages payed out at the end of each month.
Monthly rate basis
Someone who works fewer hours a week than 40 or has an irregular schedule.
Part Time Employee
A record that calculates earnings and reasonable taxes.
Individual Earnings Record
Corporations are required to list this as an expense during the payroll process.
Matching Employees
This tax is payed to support unemployed workers within a state.
State Unemployment Tax
Payment is based on a percentage of sales.
Commission Basis
Supervisor positions who are not subject to overtime and maximum hour loss.
Exempt Employees
A document containing payroll information for all employees.
Payroll Register
Policies that protect against death or disability from work.
Workers Compensation Insurance
This tax is payed for the support of the portion of people who are unemployed, and it is a federal tax
Federal Unemployment Taxes
Payment based on the number of output units.
Someone hired to complete a task for a company but does not work for that company.
Independent Contractor
Records relevant employee payment information.
Compensation Record
The way the government calculates employee taxes.
Wage Bracket Table Method