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Accounting Chapter 12 Flash Cards

AB
payroll registerAll deductions from employee wages are recorded in a _____.
payrollThe total amount earned by all employees for a pay period.
total earningsThe total pay due for a pay period before deductions.
payroll taxesTaxes based on the payroll of a business.
withholding allowanceA deduction from total earnings for each person legally supported by a taxpayer, including the employee.
social security taxA federal tax paid for old-age, survivors, and disability insurance.
tax baseThe maximum amount of earnings on which a tax is calculated.
Medicare taxA federal tax paid for hospital insurance.
payroll registerA business form used to record payroll information.
net payThe total earnings paid to an employee after payroll taxes and other deductions.
employee earnings recordA business form used to record details affecting payments made to an employee.
Social security tax_____ is calculated on employee earnings up to a maximum paid in a calendar year
separate payroll cking acctA(n)_______ is used primarily to provide additional protection and control payroll payments
Payroll time cards______ can be used as the basic source of information to prepare a payroll.
Total Earnings_____ are sometimes referred to as gross pay or gross earnings.
marital statusThe amount of income tax withheld from each employee's total earnings is determined from the number of withholding allowances and by the employee's ____.
moreA single person will have ____ income tax withheld than a married employee.
smallerThe larger the number of withholding allowances claimed, the _____ the amount of income tax withheld
pay periodThe period covered by a salary payment.
salaryThe money paid for employee services.


Bay City Central High School
Bay City, MI

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