Pay Periods
Every 2 weeks
What is by weekly?
A fixed amount of money paid to employees
What is a salary?
Required federal deductions from pay
What is social security, medicare and federal income tax?
Formula used to calculate net pay
What is gross pay - deductions = net pay?
This form reports FICA and Federal income tax
What is a Form 941?
Every week
What is weekly?
An amount of money paid to an employee at a specified rate per hour worked
What is hourly wage?
These employee contributions are sometimes matched by the employer?
What is charitable contributions, pension or insurance contributions?
The two taxes that the employer matches the employees
What is social security and medicare?
This form reports employer's payroll taxes
What is a form 940?
Being paid twice a month
What is Semimontly?
A percentage of the money based on the employees sales
What is a commission?
This deduction provides old age, disability and survivor's benefits
What is social security?
Two new taxes that that the employer pays for their employees
What is FUTA and SUTA?
This form needs to be filled out to determine federal income tax
What is a W-4?
Being paid 1 time per month
What is monthly?
Receiving a fixed amount of pay and a percentage of the money received for sales
What is salary plus commission?
This provides health insurance for elderly at 65 years old or disabled individuals
What is medicare?
Journal entry to pay off federal income taxes
What is Dr. Social security, Dr. Federal income tax, Dr. Medicare and Cr cash?
This form that summarizes an employees earnings and federal, state and local deductions must be sent to the employee by 1/31
What is a W-2?
Most common pay period
What is twice per month?
1.5 times the regular rate of pay
What is overtime?
Pension, charitable, union dues, bonds, health insurance and credit union contributions are examples of ...
What are voluntary contributions?
The rates for social security and medicare are..
What is 6.2% and 1.45%?
This form summarizes the information on a W-2 but it is sent to the federal government?
What is a W-3?