| A | B |
|---|
| salary | money paid for employee services |
| pay period | the period covered by a salary payment |
| payroll | the total amount earned by all employees for a pay period |
| total earnings | the total pay due for a pay period before deductions |
| payroll taxes | taxes based on the payroll of a business |
| withholding allowance | deduction from total earnings for each person legally supported by a taxpayer including the employee |
| social security tax | a federal tax paid for old-age, survivors, and disability insurance |
| Medicare tax | a federal tax paid for hospital insurance |
| tax base | the maximum amount of earnings on which a tax is caculated |
| payroll register | a business form used to record payroll information |
| net pay | the total earnings paid to an employee after taxes and other deductions |
| employee earnings record | a business form used to record details affecting payments made to an employee |
| overtime pay rate | 1.5 X regular pay rate |
| employee income tax payable | federal income taxes withheld from employee earnings paid to the government |
| payroll time cards | used as source to prepare payroll |
| social security tax base | $65,400 |
| accumulated earnings | total earnings for an employee since the first of the year |
| social security tax rate | 6.5% |
| Medicare tax rate | 1.5% |
| EFT | electronic funds transfer |
| dissolution | any change in the membership of a partnership |
| W-4 | Employee's Withholding Allowance Certificate |
| IRS Withholding Tables | show amount of federal income tax withheld from employee's total earnings |
| Payroll Checking Account | account from which payroll checks only are written |
