ACCOUNTING BASIS
How to pay workers according to percentage of net sales
What is Commission Basis?
Federal taxes on employers benefiting unemployed workers
What is Federal unemployment taxes?
A person who is works under an employer
What is an Employee?
Employee record to help complete earnings and complete tax reports
What is a Individual earnings record?
Method to determine how much of federal income tax is withheld using the federal table.
What is Wage-bracket table method?
how to pay workers according to rate per hour
What is Hourly Rate Basis?
Tax to give medical care for employees and spouse over the age of 65.
What is Medicare tax?
Form to claim exemption allowances
What is Employee’s Withholding Allowance Certificate? (Form W-4)
Record of compensation given to employee in the past including injuries/disabilities
What is a Compensation record?
Someone outside of the company who works just for a certain job/task.
What is a Independent contractor?
How to pay workers according to number of units produced
What is Piece-Rate Basis?
FICA tax taking from employee earnings for retirement and disability benefits
What is Social security (FICA or OASDI) tax?
Supervisors or Managers who are not under the Wage and Hour Law
What are Exempt employees?
A record of payroll for each employee per pay period
What is a Payroll Register?
A federal act providing benefits for employees and families
What is the Social Security Act?
How to pay workers according to an agreed-upon amount
What is Salary Basis?
State taxes on employers to help unemployed workers
What is State unemployment taxes?
Protects employees from job-related injuries or illnesses, possible compensation as well.
What is Workers’ compensation insurance?
Earnings in excess of the base amount set by the Social Security Act
What are Tax-exempt wages?
Rate of pay for an employee’s work over 40 hours a week
What is Time and a Half?
(BONUS) Summary that closes all revenue and expense accounts
What is a Income Summary?
(BONUS) A revenue's balance is recorded in the _____ column
What is Credit?
(BONUS) Salaries are considered a(n) _____ account
What is Expense?
General ledger amounts are posted from this journal
What is the General Journal?
The petty cash fun used at the hospital drive Sunoco was replenished from this account.
WHAT IS CASH?