Shared Flashcard Set

Details

unit 3
d
21
Accounting
Not Applicable
11/04/2015

Additional Accounting Flashcards

 


 

Cards

Term
commission
Definition
an instruction, command, or duty given to a person or group of people.
Term
dependent
Definition
contingent on or determined by.
Term
direct deposit
Definition
the electronic transfer of a payment directly from the account of the payer to the recipient's account.
Term
employee benefits
Definition
various types of non-wage compensation provided to employees
Term
employer contribution
Definition
A type of contribution an employer chooses to make to his or her employee's employer-sponsored retirement plan.
Term
employment
Definition
the condition of having paid work.
Term
Form W-4
Definition
A form completed by an employee to indicate his or her tax situation
Term
gross income
Definition
Gross income is the starting point for determining Federal and state income tax of individuals
Term
income tax
Definition
tax levied by a government directly on income, especially an annual tax on personal income.
Term
medicare
Definition
Medicare is the federal health insurance program for people who are 65 or older, certain younger people with disabilities
Term
net income
Definition
is an entity's income minus cost of goods sold, expenses and taxes for an accounting period.
Term
paper paycheck
Definition
A paycheck, also spelt pay cheque, is traditionally a paper document
Term
payroll card
Definition
Payroll cards are an alternative to direct deposit or paper checks.
Term
payroll tax
Definition
taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff.
Term
pay period
Definition
A recurring length of time over which employee time is recorded and paid
Term
pay stub
Definition
a document an employee receives either as a notice that the direct deposit transaction has gone through, or is attached to the paycheck.
Term
salary
Definition
a fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker.
Term
social security
Definition
any government system that provides monetary assistance to people with an inadequate or no income.
Term
tax liability
Definition
Tax liability refers to the amount legally owed to a taxing authority as the result of a taxable event.
Term
unemployment insurance
Definition
A source of income for workers who have lost their jobs through no fault of their own
Term
worker's compensation
Definition
insurance providing wage replacement and medical benefits to employees injured in the course of employment
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