government terms
salaried employees at a management position who are not subject to the maximum hour and overtime pay of the Wage and Hour Law
what are exempt employees?
a person that is hired by and works under the control and direction of the employer
what is an employee?
tax imposed by the Federal Insurance Contributions Act and collected on employee earnings to provide retirement and disability benefits
what is social security tax?
FICA and OASDI
what are the two types of social security taxes?
a method of paying employees according to a percentage of net sales
what is commission basis?
a tax levied on employees and employers to provide medical care for the employee and the employee's spouse after each has reached the age of 65
what is medicare tax?
someone who is paid by a company to carry out a specific task but is not under the direct supervision of the company
what is an independent contractor?
taxes levied by the federal government against employers to benefit unemployed workers
what does federal unemployment taxes mean?
a method of paying employees according to a stated rate per hour
what does hourly rate basis mean?
an individual's earnings record
what does compensation record mean?
a federal act providing benefits for employees and their families
what is the social security act?
an employee record that contains information needed to compute earnins and complete tax reports
what does individual earnings record mean?
a form used to claim exemption (withholding) allowances.
what is a employee's withholding allowance certificate, form w-4?
a record of payroll information for each employee for the pay period
what is a payroll register?
a method of paying employees according to the number of units produced
what is piece rate basis?
earnings in excess of the base amount set by the social security act
what are tax exempt wages?
taxes levied by a state government against employers to benefit unemployed workers
what are state unemployment taxes (SUTA)
a service that enables employers to pay their employees with checks drawn on a bank account maintained by ADP
what does automatic data processing mean?
federal insurance contribution act
what is the official term for the social security act?
a method of paying employees according to an agreed-upon amount for each week or month
what does salary basis mean?
wages withheld from an employee's total earnings for the purposes of paying taxes and benefits like health insurance
what are payroll deductions?
insurance that protects employees against losses from job-related injuries or illnesses, or compensates their families if death occurs in the course of employment
what is the workers compensation insurance?
sick leave for bereavement
what does SD mean in payroll?
rate of pay for an employee's work in excess of 40 hours a week
a method to determine the amount of federal income tax to be withheld using a table provided by the government