Is the total amount an employee earns in a pay period. Payroll deductions are amounts withheld from an employee’s gross earnings.
What is Gross Earnings?
100
An amount of money paid to an employee at a ?specified rate per hour worked.
What is a Salary?
100
An amount that is subtracted from an employee’s gross earnings.
What is a deduction?
100
The amount of income tax withheld is based on the three factors: _______, Gross Earnings, and allowances
What is a marital status?
100
A form that summarizes information about employees’ earnings for each pay period.
What is a payroll register?
200
A list of the employees and the payments due ?to each employee for a specific pay period.
What is Payroll?
200
A record of the time an employee arrives at work, leaves work, ?and the total number of hours worked each day.
What is a timecard?
200
An allowance an individual claims on a Form W-4; it is used to calculate the amount of income tax withheld from an employee’s paycheck.
What is a withholding allowance?
200
The Federal Insurance Contributions Act (FICA) established social security taxes in 1935. Two components of FICA are:
1. Social Security
2. ?????
What is Medicare?
200
The amount left after total deductions have been subtracted from gross earnings.
What is a net pay?
300
The amount of time over which an employee is paid.
What is a time period?
300
An electronic device that scans the magnetic strip containing employee information on an employee’s identification badge and then transfers the information directly to a computer.
What is a electronic badge reader?
300
Too much withheld from the IRS.
What is a refund?
300
provides health insurance for people who are elderly or disabled
An employee responsible for preparing the payroll.
What is a Payroll Clerk?
400
An amount paid to an employee based on a percentage of the employee’s sales.
What is a commission?
400
Too little money withheld from IRS
What is an amount due?
400
Exames of _____________ are: Union Dues, Health Insurance Payment, Life Insurance Payment, US Savings Bonds, Charitable Contributions, Pensions, Credit Union & Deposits, Loan Payment, etc.
What is a voluntary deduction?
400
Payroll Information Can Be Used:
1. To determine if overtime is justified.
2. To compare actual amounts to budgeted amounts to reveal unplanned overtime.
True or False Statement
What is a True Statement?
500
A fixed amount of money paid to an employee for ?each pay period.
What is a Salary?
500
Pay rate employers are required to pay certain employees ?covered by state and federal laws; the Fair Labor Standards Act ?of 1938 sets the rate at 1.5 times the regular hourly rate after ?40 hours per week.
What is a overtime rate?
500
provided as old age and disability insurance and survivors’ benefits
What is Social Security?
500
A popular voluntary payroll deduction. A voluntary payroll deduction from gross earnings; ?the employee does not pay income tax on the amount ?contributed until the money is withdrawn from the plan, ?usually after age 59½.
What is a 401K
500
Wayne Hanson is paid $9 per hour. He worked 44 hours last week. In addition, he receives time and one-half for overtime. Calculate his gross pay for the week.