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Chapter 12
Preparing Payroll Records
12
Accounting
11th Grade
04/15/2011

Additional Accounting Flashcards

 


 

Cards

Term
Salary
Definition
The money paid for employee services
Term
Pay period
Definition
the period covered by a salary payment
Term
Payroll
Definition
the total amount earned by all employees for a pay period
Term
Total Earnings
Definition
the total pay due for a pay period before deductions
Term
Payroll Taxes
Definition
taxes based on the payroll of a business
Term
Withholding Allowance
Definition
a deduction from total earnings for each person legally supported by a taxpayer, including the employee
Term
Social Security Tax
Definition
a federal tax paid for old-age survivors, and disability insurance
Term
Medicare Tax
Definition
a federal tax paid for hospital insurance
Term
Tax Base
Definition
the maximum amount of earnings on which a tax is calculated
Term
Payroll Register
Definition
a business form used to record payroll information
Term
Net Pay
Definition
the total earnings paid to an employee after payroll taxes and other deductions
Term
Employee Earnings Record
Definition
a business form used torecord details affecting paymentsmade to an employee.
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