Payroll Concepts
Earnings paid to an employee that are subject to special tax rates and aren't regular wages.
What are supplemental wages?
These are three examples of payments excluded from overtime calculations
What are Gifts, paid time off, reimbursed expenses, discretionary bonuses, benefit plan contributions?
The annual tax statement issued to an employee and tax authorities summarizing the employee's taxable wages and taxes.
What is the Form W-2?
Under this method, the fair market value of the personal use of a company-provided vehicle is determined by multiplying the IRS standard business mileage rate by the number of personal miles driven
What is the cents-per-mile method?
Smithfield's 401k plan administrator.
Who is Empower?
This law set the minimum wage and overtime rates covered employees must receive for their work
What is The Fair Labor Standards Act?
(AKA Federal Wage – Hour Law)
The amount left over after all taxes, involuntary deductions, and voluntary deductions have been subtracted from gross pay
What is net pay?
The natural balance of a liability account on the general ledger.
What is a credit balance?
These are all examples of _________ fringe benefits: $15 gift card, employer-paid parking over $280 per month, company-provided group-term life insurance coverage over $50k
What is taxable?
Murphy Brown LLC raises these.
What are hogs?
The form that proves that an employee is eligible to work in the US
What is Form I-9?
The form an employee completes to claim their Federal tax allowances and adjust withholding tax.
What is Form W-4?
An entry used to record an accounting transaction into the general ledger.
What is a journal entry?
Two types of awards that are generally excludable from taxable income
What are service, safety, civic, or charitable awards? (name 2)
What the acronym "DSD" stands for.
What is Direct Store Delivery?
The total amount of earnings before taxes and other deductions are taken from a paycheck.
What is gross pay/wage/earnings?
The maximum percent of disposable wages that can be deducted for a wage order according to Federal CCPA limits.
What is 25%?
A debit balance posted to the general ledger of an amount due to the Company?
What is a receivable?
Employers may treat noncash fringe benefits provided to employees during November and December of one year as being paid during the next year under this rule
What is the Special Accounting Rule?
The Smithfield program offering tuition-free education.
What is Guild?
This act guarantees employees unpaid leave for the birth or adoption of children and for serious medical conditionals of family members or themselves
What is the Family and Medical leave Act?
The equation for the regular rate of pay according to the FLSA
What is the total standard amount paid divided by the number of hours actually worked within the workweek?
The flat federal withholding tax rate for supplemental earnings under $1,000,000.
What is 22%?
The maximum amount of non-job-related education reimbursement that is excluded from the employee's income per year
What is $5,250.00?
The awards program issued by the CEO for exemplary performance in the areas of Responsibility, Operational Excellence, and Innovation.
What are the ROI Awards?