When a payroll check is electronically transferred into a checking or savings account.
What is an Electronic Funds Transfer(EFT)?
100
Fred works 88 hours in a two week time period and is paid by weekly. If he earns $12 an hour and earns 1.5 times his hourly rate for any hours over 40 in a week how much does Fred earn for this two week period?
What is $1104?
100
Normally overtime pay is calculated by multiplying the hourly rate by this.
What is 1.5?
200
This tax does not have a tax base.
What is medicare tax?
200
Previous accumulated earnings are $16,992. Current period earnings are $726. Total deductions for the current period are $125.36. What are the new accumulated earnings?
What is $17,718?
200
The form used to determine the number of allowances an employee can claim.
What is a W-4?
300
The time span covered by a salary payment.
What is a pay period?
300
This is where we look up the tax amounts when recording payroll.
What is the payroll register?
300
A deduction from total earnings for each person legally supported by a taxpayer.
What is withholding allowance?
400
The maximum amount of earnings that tax is calculated on.
What is Tax Base?
400
This is where we journalize employer payroll taxes.
What is the general journal?
400
If an employer's annual federal unemployment tax liability is greater than ___________, the employer makes quarterly tax payments.
What is $100?
500
When the same accounting procedures are used regardless of whether checks are issued to employees or automatic check depost or electronic funds transfer is used. (CONCEPT)
What is consistent reporting?
500
This is where we journalize the payment of federal and sate unemployment tax liability.
What is the cash payments journal?
500
In the standard tax payment schedule, for federal payroll tax purposes, an employer that paid $50,000 or less in the previous four quarters is considered this.