Taxes
Taxes by the federal government on employers to benefit unemployed workers
Federal unemployment taxes (FUTA)
Pay based on percentage of sales
Commission basis
Person who works for an employer
Employee
Employee information needed to report earnings and tax reports
Individual earnings record
Assets - Liabilities
Owner's Equity
Tax to provide medical care for those over 65 years old
Medicare tax
Tracks information involving compensation
Compensation record
Form used to claim exemption
Employee’s Withholding Allowance Certificate, Form W-4
Record of payroll information for each employee
Payroll register
Shows a company's revenue and expenses in a time period
Income Statement
Taxes that contribute retirement and disability benefits
Social security (FICA or OASDI) tax
Pay at a rate per hour
Hourly rate basis
Employees who are not subject to the provisions of the Wage and Hour Law
Exempt employees
Federal act providing benefits for employees and their families
Social Security Act
A person or company who money is owed to
Creditor
Taxes by the state government on employers to benefit unemployed workers
State unemployment taxes (SUTA)
Pay based on the number of units produced
Piece-rate basis
Someone hired by a company but their not under control of the company
Independent contractor
Rate of pay for an employee’s work in addition to 40 hours a week
Time and a half
Costs that a business incur in its operations
Expenses
Free from tax earnings
Tax-exempt wages
A set amount of pay for each week or month
Salary basis
Insurance that protects employees against job-related injuries or a death
Workers’ compensation insurance
Table that provides how much federal income tax to be withheld
Wage-bracket table method
Record of all of a company's transactions
General Ledger