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37 Cards in this Set
- Front
- Back
the money paid for employee services
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salary
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the period covered by a salary payment
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pay period
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the total amount earned by all employees for a pay period
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payroll
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the total pay due for a pay period before deductions
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total earnings
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taxes based on the payroll of a business
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payroll taxes
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a deduction from total earnings for each person legally supported by a taxpayer, including the employee
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withholding allowance
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a federal tax paid for old-age, survivors, and disability insurance
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social security tax
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a federal tax paid for hospital insurance
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Medicare tax
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the maximum amount of earnings on which a tax is calculated
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tax base
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a business form used to record payroll information
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payroll register
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the total earnings paid to an employee after payroll taxes and other deductions
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net pay
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a business form used to record details affecting payments made to an employee
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employee earnings record
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(T/F) A business may decide to pay employee salaries every week, every two weeks, twice a month, or once a month
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true
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(T/F) Businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government
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True
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(T/F) Payroll time cards can be used as the basic source of information to prepare a payroll
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true
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(T/F) The first task in preparing a payroll is to determine the number of days worked by each employee
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false
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(T/F) total earnings are sometimes referred to as net pay or net earnings
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false
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(T/F) employee total earnings are calculated as regular hours x regular rate, plus overtimes hours x overtime rate.
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true
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(true payroll taxes are based on employee total earnings
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true
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(T/F) a business is required by law to withhold certain payroll taxes from employee salaries
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true
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(T/F) employers in many states are required to withhold state, city, or county income tax form employee earnings
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true
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(T/F) payroll taxes withheld represent a liability for an employer until payment is made
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true
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(T/F) Federal law requires that each employer have on file a properly completed From W-2, Employee's Withholding Allowance Certificate, for each employee
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false
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(T/F) the amount of income tax withheld from each employyee's total earnings is determined from the number of withholding allowances and by the employee's marital status
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true
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(T/F) a single person will have less income tax withheld than a married employee
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false
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(T/F) an employee can be exempt from having federal income tax withheld under certain conditions
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true
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(T/F) social security tax is paid by the employer only
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false
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(T/F) an act of Congress can change the social security tax base and tax rate at any time
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true
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(T/F) when an employee's earnings exceed the tax base, no more social security tax is deducted
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true
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(T/F) all deductions from employee wages are recorded in a payroll register
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true
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(T/F) the columns of the employee earnings record consist of the amount columns in a payroll register and an accumulated earnings column
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true
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(T/F) the information used to prepare payroll checks is taken from a payroll register
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true
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how many hours were worked by an employee who arrived at 8:10 a.m. and departed at 12:10 p.m.?
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4 hours
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How many hours were worked by an employee who arrived at 7:05 a.m. and departed at 6:05 p.m. with one hour off for lunch?
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10 hours
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Employee regular earnings are calculated as...
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regular hours times regular rate
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information needed to determine the employee social security tas withholding for a pay period includes...
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total earnings, accumulated earnings, and social security tax rate and tax base.
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a separate payroll checking accoount is used primarily to...
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provide additional protection and control of individual payroll checks
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