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20 Cards in this Set
- Front
- Back
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An ___ works under that control and direction of an employer. In contrast, an ___ performs a service for a fee and does not work under the control and direction of the company paying for the service
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employee - independent contractor
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Examples of independent contractors would include _______,_________ and ________
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Trade embalmers, real estate agents, lawyers
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What is the difference between independent contractors and employees where payroll is concerned
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Must make mandatory deductions for employees and not for independent contractors
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Compensation from managerial or administrative services usually is called ___. Compensation for skilled and unskilled labor usually is referred to as ___
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Salary - wages
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Fern LaPlant's regular rate of pay is $7 per hour. She is paid time and a half for hours worked in excess of 40 and is paid double time for all work done on Sunday. One particular week, she worked 9 hours each day, Monday through Friday, 12 hours on Saturday and 7 hours on Sunday. Compute Fern LaPlant's gross pay:
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40*7=280
7*1.5=178.50 7*14=98 $556.50 |
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Cherry Bloom is a salaried employee, earning a gross salary of $2800 per month. If Bloom is to be paid time and a half for all hours worked in excess of 40 hours, what would be her overtime rate of pay
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2800*12=33600
33600/2080=16.15 16.15*1.5=24.23 2800*12=33600 33600/52=646.15 646.15/40=16.15 16.15*1.5=24.23 |
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An employee's total earnings are called ___ pay, various deductions are made from this which yields take home or ___ pay
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gross - net
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Deductions from gross pay fall into what three major caregories
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income taxes, FICA, voluntary deductions
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what are the 4 factors which determine the amount of income tax to be withheld from an employee's gross pay each pay period
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gross pay amount, marital status, # of withholding, pay periods
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The "employee's withholding allowance certificate" is form
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W-4
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The "wage and tax statement" is form
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W-2
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The abbreviation "FICA" stands for
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Federal Insurance Contributions Act
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FICA taxes are paid to which federal program
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Social security - medicare
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List some examples of "voluntary" deductions that may appear in an employee's payroll portfolio
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charitable contribution, health insurance, savings bond
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A ___ is a form used to assemble the data required at the end of each payroll period
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payroll register
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What journal entry is required to account for a payroll transaction, INCLUDING deductions? Be as specific as possible
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.
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Identify the names of the three taxes levied upon employers
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FICA, FUTA, SUTA
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How does an employer determine the amount of FICA taxes paid by the business
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match employees contributions
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What journal entry is required when journalizing employer payroll taxes
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.
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___ insurance provides insurance from employees who suffer a job related illness or injury
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workers compensation
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