12.1
The total earnings paid to an employee after payroll taxes and other deductions
What is Net Pay?
This law set the minimum wage and rules for the payment of overtime. Requires most businesses involved in interstate commerce to pay employees at least 1 ½ times their normal hourly rate for hours worked in excess of 40 hours/week.
What is The Fair Labor Standards Act?
A federal tax paid for hospital insurance
What is Medicare Tax?
A detachable check stub that contains detailed information about the cash payment made to an employee.
What is a Voucher Check?
A qualified retirement plan sponsored by an employer. Employee contributions are not taxable. Some businesses match their employees’ contributions. Contributions are generally not taxable to the employee until they are withdrawn
The amount paid to an employee for every hour worked. Under federal wage and hour laws, hourly employees must be paid for every hour they are on the job.
What are Wages?
Taxes based on the payroll of a business, they are based on the earnings of employees.
What are Payroll Taxes?
Social Security and Medicare taxes are paid by both
What are Employees and Employers?
The primary sources of information to prepare a payroll clerk comes from 2 places
What is the Time Card and Payroll Register?
Individual payroll checks are usually written from what account
What is a Payroll Checking Account?
A fixed annual sum of money divided among equal pay periods.
What is Salary?
An agency of the U.S. Department of Treasury that administers the tax laws.
What is the Internal Revenue Service or IRS?
This business document summarizes the earnings, deductions, and net pay of all employees for one pay period.
What is a Payroll Register?
A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents.
What is an Electronic Funds Transfer or EFT?
Total earnings before deductions and taxes are sometimes referred to as
What is Gross Pay?
The total amount earned by all employees for a pay period
What is Payroll?
A federal tax paid for old-age, survivors, and disability insurance
What is Social Security Tax?
A deduction from total earnings for each person legally supported by a taxpayer, including the employee.
What is a Withholding Allowance?
The payment of an employee’s net pay using an EFT.
What is Direct Deposit?
Each employee name is listed in a payroll register along with employee #, Marital status, and what
What are Withholding Allowances?
The number of days or weeks of work covered by an employee’s paycheck. It could be weekly, biweekly, semimonthly or monthly.
What is Pay Period?
The information used to determine how much income tax to withhold from employees paychecks is found on form
What is Form W-4 or Employee's Withholding Allowance Certificate?
A business form used to record details of an employee’s earnings and deductions. A new one is prepared for each employee for each quarter.
What is an Employee Earnings Record?
Current earnings totals are added to _________ to keep a running total of earnings and deductions for the year.
What are Year to Date Earnings/Deductions or YTD Earnings/Deductions?
Federal income tax laws are written and passed by
What is Congress?