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23 Cards in this Set
- Front
- Back
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Salary |
the money paid for employee services |
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Pay Period |
The period covered by a salary payment |
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Payroll |
The total amount earned by all employees for a copy period |
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Total Earnings/Gross Earnings |
The total pay due for a pay period before deductions |
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Payroll Taxes |
Taxes withheld form employee earnings |
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Withholding Allowance |
A deduction from total earnings for each person legally supported by a taxpayer including the employee |
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Social Security Tax |
A federal tax paid for old-age, survivors, and disability insurance |
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Medicare Tax |
A federal tax paid for hospital insurnace |
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Tax Base |
the maximum amount of earnings on which a tax is calculated |
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Payroll Register |
A business form used to record payroll information |
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Net Pay |
Total earnings paid to an employee after payroll taxes and other deductions are withheld |
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Employee Earnings Record |
Business form used to record details affecting payments made to an employee -Employee's Name -SSN -Gross earnings -Deductions -Net Pay |
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Federal Unemployment Tax |
A federal tax paid employers to provide state and federal funds for workers who are temporarily unemployed |
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State Unemployment Tax |
A state tax paid by employers to provide funds for workers who are temporarily unemployed |
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Look-back Period |
The 12-month period that ends on June 30th of the prior year |
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Form 941 |
Employer's quarterly federal tax return |
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Employer's Payroll Taxes |
Taxes owed to the government by the employer based on the payroll |
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Payroll Checks |
Checks written to each employee for amount due |
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Payroll Records |
Organized records of a business' payroll activities |
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Payroll System |
A planned process for producing and providing payroll information |
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W-2 |
Wage and tax statement |
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W-3 |
Transmittal of income and tax statment |
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W-4 |
A tax form that contains the information used to determine the amount of income tax withheld for employees |
