| A | B |
|---|
| Tax | the amount levied by the government on individuals and employers. |
| Payroll | a list of employees and the payments due to each one for a specific pay period |
| Pay Period | the amount of time over which an employee is paid, such as weekly, biweekly, etc |
| Payroll clerk | a person who is responsible for preparing the payroll. |
| Gross Earnings | the total amount of money an employee earns in a pay period. |
| Salary | a fixed amount of money paid to an employee for each pay period. |
| Wage | an amount of money paid to an employee at a specified rate per hour worked. |
| Time Card | a record of the times an employee arrives and leaves work each day. |
| Electronic Badge Reader | an identification badge with a magnetic strip that contains employee information used to record starting and ending work hours. |
| Commission | an amount paid to an employee's based on a percentage of the employee's sales. |
| Overtime Rate set by the Fair Labor Standards act of 1938 | 1 1/2 (1.5) times the employee's regular hourly pay rate |
| Deduction | an amount that is subtracted from gross earnings. |
| Employee's Withholding Allowance Certificate (Form W-4) | an employee's withholding allowance certificate that shows the number of allowances claimed for federal and state income taxes |
| Employer's Federal Tax Table (Tax Table) | shows the amount of taxes to be withheld from employees each pay period based on their filing status, such as single, married, etc. |
| Federal Income Tax | a tax levied by the federal government and withheld from your pay each pay period |
| State Income Tax | a tax levied by state government and withheld from your pay each pay period. |
| Social Security Tax (FICA) | a tax levied against employees and is withheld from your pay each pay period. These funds are used primarily to fund the old age and disability insurance programs, survivor's benefits program and Medicare program |
| Medicare Tax | a tax levied by the federal government to fund health insurance benefits for the elderly. |
| 401 (K) Plan | a personal employee retirement plan, which is exempted from taxes on earnings. |
| Payroll Register | a form that summarizes information about employees’ earnings for each pay period. |
| Net pay | the amount left after total deductions are subtracted from gross earnings. |
| Direct Deposit | when the employer deposits the employee's check into his or her personal banking account. |
| Employee's Earnings | a record containing all of the payroll information related to an employee. |
| Accumulated Earnings | the employee's year-to-date gross earnings, or the employee’s gross earnings from the beginning of the year through the end of each pay period. |
| Form W2 | a form given to each employee at the end of the year and contains a summary of the income you earned for the year and all amounts the employer withheld for taxes |
| Federal Unemployment Tax Acts (FUTA) Or State Unemployment Tax Act (SUTA) | a percentage of employees' gross earnings paid by employers for unemployment. |
| Federal Tax Deposit Coupon (Form 8109) | a form prepared by the employer to send in FICA and federal income taxes to the federal government. |
| Electronic Federal Tax Payment System (EFTPS) | a means of transferring federal taxes electronically to the U. S. Government. |
| Form 940 | used to report the employer's unemployment (state and federal) taxes. |
| Form 941 | a form used by the employer to report quarterly taxes consisting of both FICA and federal. |
| Sales Taxes | levied on a variety of goods and services collected at the time of the sale. |
| Progressive Tax | one which the more a person earns, the greater the percentage of tax the person pays. |
| Regressive Tax | one which all people pay the same dollar amount, but the percentage of the tax declines as the tax base rises. |
| Excise Tax | levied on specific commodities, such as tobacco, tires, or liquor. |
| Tariff | a tax on items coming into a country. |
| Quota | a limit on the quantity of a product that may enter a country. |
| Property tax | a tax on real estate or personal property; the largest source of revenue for most local governments. |
| Personal Property tax | a tax on such items as furniture, machinery, and equipment. |
| Estate Tax | levied by the federal government on property transferred from deceased people to their heirs. |
| Inheritance tax | one paid by the heir who receives property from a deceased person's estate. |
| Gift Tax | on a gift of money or property to be paid by the giver, not the receiver, of the gift. |
