Payment
One method of paying employees in which they are pated according to a percentage of net sales
What is Commission Basis?
Earnings in excess of the base amount set by the Social Security Act
What is tax-exempt wages?
Insurance that protects employees against losses from job-related injuries or illnesses, or compensates their families if death occurs in the course of the employment
What is workers’ compensation insurance?
A simple method to determine the amount of federal income tax to be withheld using a table provided by the government
What is wage-bracket table method?
Currency, coins, checks, money orders, and funds on deposit in a bank
What is Cash?
One method of paying employees based on an agreed-upon amount for each week or month
What is Salary Basis?
A tax imposed by the Federal Insurance Contributions Act and collected on employee earnings to provide retirement and disability benefits
What is Social security (FICA or OASDI) tax?
Salaried employees who hold supervisory or managerial positions who are not subject to the maximum hour and overtime pay provisions of the Wage and Hour Law
What are Exempt employees?
A federal act providing certain benefits for employees and their families; officially the Federal Insurance Contributions Act
What is Social Security Act?
An account used to record any discrepancies between the amount of currency and coins in the cash register and the amount shown on the audit tape
What is Cash Short or Over account?
One method of paying employees in which employees are payed according to a stated rate per hour
What is Hourly rate basis?
A tax levied on employees and employers to provide medical care for the employee and the employee’s spouse after each has reached age 65
What is Medicare tax?
A form used to claim exemption (withholding) allowances
What is an Employee’s Withholding Allowance Certificate, Form W-4?
An employee record that contains information needed to compute earnings and complete tax reports
What is Individual earnings record?
A verification that the amount of currency and coins in a cash register agrees with the amount shown on the cash register audit tape
What is Cash register proof?
One method of paying employees in which employees are payed according to the number of units produced
What is Piece rate Basis?
Taxes levied by the federal government against employers to benefit unemployed workers
What are Federal unemployment taxes (FUTA)?
A person who is hired by and works under the control and direction of the employer
What is an employee?
One who is paid by a company to carry out a specific task or job but is not under the direct supervision or control of the company
What is Independent contractor?
A special journal used to record and post transactions involving the receipt of cash
What is Cash receipts journal?
A record of payroll information for each employee for the pay period
What is payroll register?
Taxes levied by a state government against employers to benefit unemployed workers
What is State unemployment taxes (SUTA)?
Rate of pay for an employee’s work in excess of 40 hours a week
What is time and a half?
An individual earnings record
What is a compensation record?
A special journal used to record transactions involving the payment of cash
What is Cash payments journal?