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Miscellaneous
100
The total earnings paid to an employee after payroll taxes and other deductions.
What is net pay?
100
Sometimes known as gross pay, the total pay due for a pay period before deductions.
What is total earnings?
100
Payroll taxes represent this for an employer... until payment is made to the government.
What is a liability?
100
EFT is an abbreviation for this... which is sometimes used instead of a payroll check.
What is an Electronic Funds Transfer?
100
The accounting equation.
What is Assets = Liabilities + Owner's Equity?
200
The total amount earned by all employees for a pay period?
What is a payroll?
200
The period covered by a salary payment.
What is a pay period?
200
Employers are required to have a current W-4 form on hand for all employees. The W-4 form is also known as this.
What is an Employee's Withholding Allowance Certificate?
200
To calculate the social security tax, one must multiply this number times 6.2 percent.
What is total earnings?
300
A deduction from total earnings for each person legally supported by a taxpayer, including the employee.
What is a withholding allowance?
300
A federal tax paid for hospital insurance?
What is Medicare tax?
300
This tax is paid for by both the employee and the employer.
What is the social security tax?
300
A separate payroll checking account is used primarily for this reason.
What is providing additional protection and controlling payments?
300
This two accounts are considered Contra-Cost accounts.
What are Purchase Discounts and Purchase Returns and Allowances
400
The maximum amount of earnings on which a tax is calculated.
What is a tax base?
400
An act by this group can change the social security tax base and tax rate at any time.
What is Congress?
400
These three pieces of information are needed to calculate the federal income tax using the tax tables.
What are total earnings, withholding allowances, and marital status?
400
Merchandise is recorded separately from supplies, because supplies are used, but we do this with merchandise.
What is sell?
500
A business form used to record payroll information.
What is a payroll register?
500
To calculate overtime pay per hour, the overtime rate of pay is multiplied by this number.
What is 1.5?
500
This form contains a column for accumulated earnings.
What is the Employee's Earnings Record?
500
UW is the abbreviation for this "other" deduction sometimes taken out of an employee's paycheck.
What is United Way donations?
500
If someone receives paychecks semi-monthly, that person will receive this many paychecks in a year.
What is 24?
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