Term
| has a minimal taxable amount each year |
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Definition
| FICA (Social Security) Tax |
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Term
| Lists the marital status and number of exemptions claimed by the employee |
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Definition
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Term
| the number of hours worked multiplied by the hourly wage |
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Definition
| gross earnings for the pay period |
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Term
| is divided into two parts: the social security tax and the medicare tax |
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Definition
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Term
| an example of a voluntary deduction? |
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Definition
| is one for health insurance premium |
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Term
| summarizes information about the employees earnings during a pay period |
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Definition
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Term
| established by the Federal Insurance Contributions Act |
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Definition
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Term
| credited for the amount the employees acutally earn in the pay period less their deductions |
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Definition
| company's cash in bank account |
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Term
| the employer must pay unemployment taxes and Social Security and Medicare based on... |
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Definition
| the amount they pay their employees |
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Term
| the amount entered for _____ is the total gross earnings of the pay period |
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Definition
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Term
| is the total taxes the employer must pay based on the amount they pay their employees |
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Definition
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Term
| is paid by both employer and employee |
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Definition
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Term
| amounts deducted from employees' earnings and held for payment by the employer become |
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Definition
| liabilities to the business |
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Term
| when a business transfers money from its regular checking account to the payroll checking account.... |
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Definition
| the check is written for the total net pay amount |
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Term
| source of information for preparing the journal entry for payroll |
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Definition
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Term
| simplify the posting process, simplify the recording process and organize a business's transactions |
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Definition
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Term
| is recorded in the sales journal in the Sales credit column |
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Definition
| value of merchandise sold |
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Term
| journal entries shud b posted from the ______ column in the sales journal to the customers' accounts daily |
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Definition
| accounts recievable debit |
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Term
| every transaction recorded in the ________ requires a debit to cash in bank |
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Definition
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Term
| the totals of the special amount columns in the sales journal and the cash reciepts journal are posted.... |
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Definition
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Term
| sales returns and allowances is a |
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Definition
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Term
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Definition
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Term
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Definition
| contra account to the sales account |
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Term
| the account that is brought up to date after the closing entries have been journalized and posted is the |
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Definition
| retained earnings account |
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Term
| ____shud not appear on the post-closing trial balance |
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Definition
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Term
| in the final closing entry, _____is closed into Retained Earnings |
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Definition
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Term
| after the closing entries have been posted all ____shud hav a zero balance |
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Definition
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Term
| _____is paid to the employee as a % of the employees' sales |
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Definition
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Term
| the amount of money acutally recieved by the employee after all deductions are subtracted is called the |
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Definition
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Term
| an amount of money paid to employees at a specific rate per hour is a |
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Definition
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Term
| is the total amount earned by the employee in the pay period |
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Definition
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Term
| is a fixed amount of money paid to an employee each pay period |
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Definition
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Term
| a list of employees in a business and earnings due to each employee for a specific period of time is a |
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Definition
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Term
| is an individual payroll record kept for each employee |
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Definition
| the employees earnings record |
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Term
| the amount deducted from gross earnings for federal income tax each pay period depends.... |
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Definition
| on the total earnings, marital status, and the number of exemptions an employee claims on Form W-4 |
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Term
| are the year to date gross earnings of an employee |
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Definition
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Term
| is an amount subtracted from gross earnings |
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Definition
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Term
| the form that accompanies an employer's payment of social security, medicare, and employees' federal income taxes is a |
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Definition
| federal tax deposit coupon |
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Term
| each year, en employer must prepare and send to the IRS______, which summarizes the info contained on the employees wage and tax statements |
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Definition
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Term
| by jan 31, an employer must provide each employee with a _____, which summarizes the employees earnings and taxes witheld |
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Definition
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Term
| yearly report of employer's unemployment taxes |
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Definition
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Term
| the employer's quarterly federal tax return on which accumulated amounts of FICA and federal income tax witheld from employees' earnings as well as FICA tax owed by the employer are reported is |
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Definition
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Term
| to record employees' earnings is often called Salaries Expense |
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Definition
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Term
| taxes paid by the employer to provide funds for workers who are temporarily out of work are |
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Definition
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Term
| is used to record the total of the employer's payroll work |
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Definition
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Term
| if an employee has direct deposit, the employer placed the employee's net pay into their |
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Definition
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Term
| an employee paid 1 1/2 times the regular wage is paid at the |
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Definition
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