Workers
Hired individual working under someone
Employee
Taxes levied by the government against employers to help unemployed workers.
Federal unemployment taxes (FUTA)
A record of payroll information for each employee
Payroll Register
A tax that provides medical care for employee and spouse after age 65
Medicare tax
A+L=OE
Basic Accounting Equation
Supervisory payed worker not subject to max hours and overtime pay.
Exempt Employees
The earnings of an individual.
Compensation record
A method of paying employees according to a percentage of net sales.
Commission Basis
A taxed collected on employee earnings to provide retirement and disability benefits.
Social security (FICA or OASDI) tax
Book of original entries and transactions
General Journal
A form used to claim exemption allowances.
Employee's Withholding Allowance Certificate, Form W-4
Insurance for employees that protects against job related issues.
Workers' compensation insurance
A method of paying employees according to an agreed-upon amount for each week or month.
Salary Basis
Act providing benefits for employees and their families.
Social Security Act
Money owed by customers.
Accounts Receivable
Paying employees by the hour.
Hourly rate basis
A method to determine the amount of federal income tax to be withheld.
Wage-bracket table method
Earnings that exceed base amount set by SSA
Tax-exempt wages
Contains information to compute earnings and complete tax reports.
Independent earnings record
Amount of money a company owes to customers.
Accounts Payable
Rate of pay for employees that work more than 40 hours a week.
Time and a half
Taxes levied by the government against employers to help unemployed workers.
State unemployment taxes (SUTA)
Paying employees based on the number of units produced.
Piece-rate basis
Person paid by company to do a job under no supervision.
Independent Contractor
Report that summarizes company assets.
Balance Sheet