Show:
Preparing Payroll Time Cards
Determining Payroll Tax Withholding
Preparing Payroll Records
Preparing Payroll Checks
Mixed Bag
100
What is a payroll
What is the total amount earned by all employees for a pay period?
100
Taxes based on the payroll of a business/
What is Payroll taxes?
100
What is a payroll register
What is a business form used to record payroll information?
100
The electronic funds transfer
What is the EFT?
100
Salary.
What is the money paid for employees services?
200
The basic source of information to prepare a payroll.
What is a time card used for?
200
True.
True or false: A business must withold federal income taxes from employee total earnings?
200
The total earnings paid to an employee after payroll taxes and other deductions
What is net pay?
200
What is the special payroll checking account
Where is the exact amount needed to pay the payroll deposited?
200
Every week, every two weeks, Once a month or twice a month.
When can the business decide to pay the employees salaries?
300
Overtime hours times overtime rate.
How do you calculate overtime earnings?
300
A liability.
What do payroll taxes withheld represent for the employer until payment is made to the government?
300
What is an employee earnings record
What is a business form used to record details effecting payments made to an employee?
300
What is a payroll register
Where is the information used to prepare payroll checks is taken from?
300
True
True or False: Federal Income tax is withheld from employee earnings in all 50 states
400
Gross pay or gross earnings.
Total earnings are sometimes referred to as what?
400
What is a W-4 form
What is the information used to determine the amount of income tax withheld identified on?
400
Federal income tax + Social security tax + Medicare tax + Health insurance + others.
How do you calculate total deductions?
400
Payroll checks are prepared
What happens if amounts on checks are altered or unauthorized?
400
False
True or False: A married employee would have more allowances than a single employee with same total earnings.
500
Taxes and other deductions.
What is subtracted from total earnings to determine the amount paid to an employee?
500
What is the federal insurance contributions act.
What does FICA stand for?
500
What is a payroll withholdings, net pay of all employees, and total earnings
What are at least two things the payroll register summarizes for one pay period?
500
False, They do not have to be distributed and are not written.
True or False: Payroll must still be calculated but individual checks are written and have to be distributed.
500
Each quarter.
When is a new earnings record prepared for each employee?