Shared Flashcard Set

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Chapter 12
Preparing Payroll Records
12
Accounting
11th Grade
01/20/2012

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
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
employee earnings record
Definition
A business form used to record details affecting payments made to an employee.
Term
payroll
Definition
The total amount earned by all employees for a pay period.
Term
net pay
Definition
The total earnings paid to an employee after payroll taxes and other deductions.
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