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Chapter 12
Preparing Payroll Records
12
Accounting
12th Grade
01/07/2013

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 the business
Term
Withholding allowance
Definition
a deduction from the 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 calcualted
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 to record details affecting payments to an employee
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