Key Phrases
Particular period of time or which wages are paid
What is a Pay Period?
What is a 401(k)?
Doing background checks, handling garnishments, and preparing payroll accounting
What are payroll administrator duties?
Saves time, saves paper, eliminates paper checks
What are benefits of direct deposit?
Shows the amount of FICA and income taxes withheld from an employee for a year
What is the W-2?
Money that is taken out of an employee's pay
What are deductions?
Defined as an employer meeting contributions an employee makes to a 401(k)
What is matching?
Saving time, less prep, and legal liabilities are handled by a 3rd party
What are advantages of batch payroll services?
The sign of the balance usually carried by a liability
What is a credit?
IRS form that tells employers how much tax money to withhold from your paychecks based on your tax bracket and filing status.
What is the W-4?
Benefits, flex-time, discounted parking, and gym membership discounts are examples of these
What are fringe benefits?
401(k), Roth 401(k), and cafeteria plans are examples of _____ deductions
What is voluntary?
Automated Clearing House, or the most common type of payroll electronic file
What is ACH?
The sign of the balance usually carried by an expense
What is a debit?
Must be postmarked by January 31st
What is the W-2 or W-3?
What is an asset?
Accounts Receivable is this type of account
What is an asset?