Chapter 12 Payroll Accounting

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Payroll

a ? is a list of the employees of a business and the payments due to each employee for specific pay period

Wage

a ? is an amount of money paid to an employee at a specific rate per hour worked

True

a business may obtain daily printout on employee work hours by using electronic badge readers

Salary

a fixed amount of money paid to an employee for each pay period is

Time card

a record of the arrival time, departure time, and total number of hours worked each day for an employee is kept on a ?

401k plan

a voluntary deduction that allows employees to defer paying taxes until retirement is called

Commission

an amount paid to an employee based on a percentage of the employee's sale

Deduction

an amount subtracted from an employee's gross earnings

False

an employee's gross earnings may be calculated by any of the four methods, but never by a combination of these methods

Overtime rate

the ? is 1.5 times an employees regular hourly rate of pay and is paid for all hours worked over 40 per work week

Payroll register

the ? is a form that summarizes information about employee's earnings for each pay period

Net pay

the ? is the amount of money left after all deductions are subtracted from the gross earnings paid to an employee

Pay period

the ? is the amount of time for which an employee is paid

False

the amount of taxes withheld from each employee's paycheck is the exact amount that the employee will owe at the end of the tax year

True

the employee payroll is a major expense for most companies

True

the employer acts as a tax collection agent for the federal government

Direct deposit

the employer's deposit of net pay in an employee's personal bank account is known

False

the more withholding allowances a taxpayer claims the higher the amount of income taxes an employer withholds from earnings

True

the payroll register is the source of information or preparing the paychecks

Payroll clerk

the person who is responsible for preparing the payroll

Gross earnings

the total amount earned by an employee in a pay period

Accumulated earnings

the year to do date gross earnings of an employee are called

True

to ensure that taxpayers have the funds to pay their taxes, employers are required to withhold a certain amount of money from employees earnings

True

when a company has only a few employee's paychecks are often written on the company's regular checking account

True

FICA rates are changeable at any time by congress

False

employee's earnings records are kept on a monthly basis to make it easier to complete government reports that are required

True

if an employee qualifies as exempt, he or she may not be required to pay federal or state income taxes in a given year


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