Timekeeping & Attendance
This is used to track the number of hours worked.
What is a timesheet?
This type of account lets you save pre-tax money for medical expenses.
What is an FSA (Flexible Spending Account)?
The IRS may conduct this to ensure payroll taxes were properly withheld and paid.
What is an IRS payroll audit?
Payroll is typically recorded in this financial document.
What is the general ledger?
When an employee works in multiple states, payroll taxes must be withheld according to this.
What are multi-state payroll rules?
This system is used to automatically log start and end times.
What is a time clock or eTime app?
You can contribute to this retirement plan through payroll deductions.
What is a 401(k)?
To prevent employee theft of payroll funds, employers often implement this.
What is payroll fraud prevention or internal controls (RICC Audits)?
Payroll taxes owed to the government are listed as this.
What are liabilities?
Benefits such as company cars or gym memberships that have taxable value are called this.
What are fringe benefits?
These employees must track hours to comply with overtime rules.
What are non-exempt employees?
If your employer offers to match your 401(k) contributions, this is considered:
What is a company match (or free money toward retirement)?
Employers are required by law to keep payroll records for this minimum number of years.
What is typically 3 to 7 years?
The journal entry for payroll always includes this type of account for employee wages.
What is an expense account?
Paying an employee extra for previous pay periods due to an error is known as this.
What is retroactive pay?
A system that combines clocking in, job costing, and scheduling.
What is a time and attendance system?
This insurance, often deducted from your paycheck, covers you when you're sick or injured.
What is health insurance?
Laws like HIPAA and CCPA require employers to protect this kind of payroll information.
What is employee personal data or sensitive payroll information?
This account tracks the company’s share of payroll taxes.
What is employer payroll tax expense?
When correcting a payroll mistake in accounting, this type of journal entry is used.
What is a payroll correction or adjusting journal entry?
Rounding work hours is legal only if it complies with this.
What is the Fair Labor Standards Act (FLSA)?
These benefits are considered "non-cash" compensation.
What are fringe benefits?
This insurance covers employees injured on the job and must be reported by payroll.
What is workers’ compensation insurance?
The matching principle in accounting requires this.
What is recognizing payroll expenses in the same period as the labor?
This type of calculation is used to increase an employee’s net pay so their taxes are covered.
What is a gross-up calculation?