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18 Cards in this Set
- Front
- Back
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Commission Basis |
Paying employees according to a percentage of net sales |
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Compensation Record |
Employee record that contains information to compute earnings and complete tax reports Individual Earnings Record |
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Employee's Withholding Allowance Certificate (W-4) |
Form used to claim exemption allowances |
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Exempt Employee |
A salaried employee who are not subject to maximum hour and overtime rules of the Wage and Hour Law |
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Federal Unemployment Taxes |
Federal taxes employees pay to benefit unemployed workers |
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Hourly Rate Basis |
Pay according to a stated rate per hour |
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Independent Contractor |
One who is paid by a company to carry out a specific task, but is not under direct control of the company |
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Individual Earnings Record |
Employee record that contains information to compute earnings and taxes Compensation Record |
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Medicare Tax |
Employee tax to provide medical care for the employee and spouse when they reach 65 |
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Payroll Register |
Record of payroll information for each employee for the pay period |
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Piece-rate basis |
Paying employees according to the number of units produced |
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Salary Basis |
Paying employees according to an agreed amount for each week or month |
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Social Security Act |
Federal act providing benefits for employees and families Federal Insurance Contributions Act |
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Social Security Tax (FICA) |
Federal tax on employees to provide retirement and disability benefits |
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State Unemployment taxes |
State tax on employers to benefit unemployed workers |
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Tax-exempt Wages |
Earnings in excess of the base amount set by the Social Security Act |
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Wage-bracket table method |
Method to determine amount of Federal income tax to be withheld using a table provided by the government |
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Worker's Compensation Insurance |
Insurance that protects employees and families against job related injuries, illness or death |
