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19 Cards in this Set
- Front
- Back
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The amount paid to an employee for every hour worked |
Wage |
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A fixed annual sum of money divided amoung equal pay periods |
Salary |
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A method of paying an employee based on the amount of sale the employee generates |
Commission |
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The total amount paid by a business for an employee's work,earned by a wage,salary,or commission |
Total earnings |
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The number of days or weeks of work coved by an employee's paycheck |
Pay period |
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The total amount earned by all employess for a pay period |
Payroll |
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The accounting staff position that compiles and computes payroll data, then prepared, journalizes, and posts payroll transactions |
Payroll clerk |
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A federal tax paid for hospital insurance |
Medicare tax |
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The total gross earning years to data for employees |
Accumulated earnings |
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The maximum amount of gross earnings on which a tax is calculated |
Tax base |
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A retirement savings plan approved by the internal revenue serivice that provides individuals with a tax benefit |
Qualified retirement plan |
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A qualified retirement plan sponsored by an employer |
401(k) |
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A qualified retirement plan that provides most individuals with a deferred federal income tax benefit |
Individual retirement account (IRA) |
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A qualified retirement plan that allows tax-free withdrawals from the accounts |
Roth individual retirement account (Roth IRA) |
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Taxes based on the payroll of a business |
Payroll taxes |
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Any amount withheld from an employee's gross earnings |
Payroll deduction |
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A device used to record the dates and times of every employee's arrivals and departures |
Time clock |
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A deduction from total earnings for each person,legally,supported by a taxpayer, including the employee |
Withholding allowance |
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A federal tax paid for old-age, survivors,and didability insurance |
Social security tax |
