The total amount earned by all employees for a pay period
Payroll
100
The first task in preparing a payroll is to determine the number of days worked by each employee
Hours
100
Federal income tax is withheld from employee earnings in what states
All 50 states require income tax to be withheld
100
A business form used to record payroll information is called a ....
Payroll Register
100
If an employee makes $11.00 an hour, how much is their overtime pay if they get paid time and a half for overtime hours?
$16.50
11.00 x 1.5=16.50
200
The total pay due for a pay period before deductions
Total Earnings or Gross Pay
200
Total earnings are sometimes referred to as net pay.
Gross Pay
200
The information used to determine the amount of income tax withheld is identified on what form?
W4
200
A business form used to record details affecting payments made to an individual employee is called ...
Employee earnings Record
200
How are Employee total earnings calculated?
Regular hours x regular rate, plus overtime hours x overtime rate
300
The total earnings paid to an employee after payroll taxes and other deductions
Net Pay
300
A single person will have less income tax taken out than a married employee
More
300
The withholding allowances of an employee affect what type of tax being withheld?
Federal Income Tax
300
Why would an employee claim 0 allowances on their W4?
By claiming 0, it will increase the amount of federal income taxes withheld so the employee won't have to pay more when taxes are due and may get more back when taxes are filed.
300
How many hours were worked by an employee who arrived at 7:05am and left at 6:05pm with one hour off for lunch?
10 hours
400
A business form used to record details affecting payments made to an employee
Employee Earnings Record
400
Social Security and Medicare taxes are paid by the employer only.
Paid by both the employer and employee
400
Payroll taxes withheld are what type of account? and what is the normal balance?
Liability, Credit balance
400
The Accumulated Earnings column of the employee earnings record shows what amount?
The total earned for the year to date.
400
How are Employee Total Earnings calculated?
Regular hours x regular rate plus overtime hours x overtime rate
500
The maximum amount of earnings on which a tax is calculated
Tax base
500
Payroll taxes withheld represent an asset for the employer until payment is made to the government.
Liability
500
Why do most businesses use a separate special payroll checking account for payroll checks?
It provides internal control and helps to prevent fraud
500
What amount on the employee earnings record is used to determine if the tax base has been met to no longer take out social security tax
Accumulated earnings
500
Why are payroll taxes withheld a liability account?
That is money that is OWED to the government. It is held in a liability account and paid every quarter.