Term
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Definition
| a limit on the quantity of a product that may enter a country. |
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Term
| Electronic Federal Tax Payment System (EFTPS) |
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Definition
| a means of transferring federal taxes electronically to the U.S. Government. |
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Term
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Definition
| When the employer deposits the employee's check into his or her personal banking account. |
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Term
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Definition
| Levied on specific commodities, such as tabacco, tires, or liquor. |
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Term
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Definition
| one which the more a person earns, the greater the percentage of tax the person pays. |
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Term
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Definition
| used to report the employer's unemployment (state and federal) taxes. |
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Term
| Federal Tax Deposit Coupon (Form 8109) |
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Definition
| a form prepared by the employer to send in FICA and federal income takes to the federal government. |
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Term
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Definition
| The amount left after the total deductions are subtracted from gross earnings. |
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Term
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Definition
| A tax on real estate or personal property: the largest source of revenuse of most local governments. |
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Term
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Definition
| a form that summarizes information about employees' earnings for each pay period. |
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Term
| Federal Unemployment Tax Acts (FUTA) Or State Unemployment Tax act (SUTA) |
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Definition
| A percentage of employees' gross earnings paid by employers for unemployment. |
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Term
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Definition
| a form given to each employee at the end of the year and contains a summary of the income you earned for the year and all amounts the employer withheld for taxes. |
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Term
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Definition
| a tax on items coming into a country. |
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Term
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Definition
| Taxes levied on a variety of goods and services collected at the time of the sale. |
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Term
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Definition
| The employee's year-to-date gross earnings, or the employee's gross earnings from the beginning of the year through the end of each pay period. |
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Term
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Definition
| One which all people pay the same dollar amount, but the percentage of tax declines as the tax base rises. |
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Term
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Definition
| A list of employees and the payments due to each one for a specific pay period. |
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Term
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Definition
| a form used by the employer to report quarterly taxes consisting of both FICA and federal |
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Term
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Definition
| the total amount of money an employee earns in a pay period. |
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Term
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Definition
| An amount of money paid to an employee at a specified rate per hour worked. |
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Term
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Definition
| The amont levied by the government on individuals and employers. |
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Term
| Employer's Federal Tax Table (Tax Table) |
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Definition
| Shows the amount of taxes to be withheld from employees each pay period based on their filing status, such as single, married, etc. |
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Term
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Definition
| A personal employee's retirement plan which is exempted from taxes on earnings. |
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Term
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Definition
| A record containing all of the payroll information related to an employee. |
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Term
Employee's Withholding Allowance Certificate (Form W-4) |
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Definition
| an employee's withholding allowance certificate that shows the number of allowances claimed for federal and state income taxes. |
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Term
| Overtime Rate set by the Fair Labor Standard Act of 1938 |
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Definition
| 1½ (1.5) employee's regular hourly per rate. |
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Term
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Definition
| An amount that is subtracted from gross earnings. |
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Term
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Definition
| An amount paid to an employee based on a percentage of the employee's sales. |
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Term
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Definition
| A tax levied by the state government and withheld from your pay each pay period. |
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Term
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Definition
| A tax levied by the federal government and withheld from your pay each pay period. |
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Term
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Definition
| A record of the times an employee arrives and leaves work each day. |
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Term
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Definition
| An identification badge with a magnetic strip that contains employee information used to record starting and ending word hours. |
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Term
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Definition
| The amount of time over which an employee is paid such as weekly, biweekly, etc. |
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Term
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Definition
| On gift of money or property to be paid by the giver, not the receiver, of the gift. |
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Term
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Definition
| A fixed amount of money paid to an employee for each pay period. |
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Term
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Definition
| A tax levied by the federal government to fund health insurance benefits for the elderly. |
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Term
| Social Security Tax (FICA) |
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Definition
| A tax levied against employees and is withheld from you pay each pay period. These funds are used primarly to fund the old age and disability insurance programs, survirvor's benefits programs and Medicare program. |
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Term
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Definition
| One paid by the heir who receives property from deceased person's estate. |
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Term
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Definition
| A person who is responsible for preparing payroll. |
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Term
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Definition
| Levied by the federal government on property transferred from deceased people to their heirs. |
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Term
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Definition
| A tax on such items as furniture, machinery, and equipment. |
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