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?
The basic accounting equation
What is ACE=LOS?
Must be postmarked by January 31st
What is the W-2 or W-3?
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?
Tax form that summarizes wages and taxes for all employees for a year
What is the W-3?
Advance on a salesperson's salary
What is a draw?
401(k), Roth 401(k), and cafeteria plans are examples of _____ deductions
What is voluntary?
Cost, lack of interface, less flexibility
What are disadvantages of batch payroll services?
The sign of the balance usually carried by an expense
What is a debit?
Submitted every quarter to summarize all tax deposits
What is the Employer Quarterly Federal Tax Return or Form 941?
Of the five types of employees, this is the most common at car dealerships
What is a common-law employee?
This years 401(k) catch-up limit for people over 50 years of age
What is $7,500?
The most common type of payroll electronic file, or ACH
What is Automated Clearing House?
Cash in Bank is this type of account
What is an asset?
Shows the amount of FICA and income taxes withheld from an employee for a year
What is the W-2?
Benefits, flex-time, discounted parking, and gym membership discounts are examples of these
What are non-money wages?
This years 401(k) limit for people under 50 years of age
What is $23,500?
Saves time, saves paper, eliminates paper checks
What are benefits of direct deposit?
Accounts Receivable is this type of account
What is an asset?
What is the day taxes are due?