Chapter 10 Accounting 3

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Salary Basis

A worker who is paid an agreed amount for each week or month or year is said to be paid on a

Exempt

Because salaried employees who hold supervisory or managerial positions generally are not subject to wage and hour laws, they are known as what type of employees

Social Security Tax

FICA tax is commonly referred to as

Independent Contractor

Is paid by the company to carry out a specific task or job but is not under the direct supervision, control, and direction of the company

Net pay

It is necessary to subtract the total of an employee's deductions from the employee's gross pay to compute

Employee

One who is hired by an employer and who is under the control land direction of the employer is called an

Payroll Register

After payroll computations are made, the hours worked, rates, earnings, and deductions are entered into a record called

40 hours per week

Employees of firm engaged in interstate commerce must receive an overtime rate of at least 1.5 times the regular hourly rate pay for time worked in excess of

Compensations

Employers are required to pay worker's this type of insurance that will reimburse employees for losses suffered from job-related injuries.

Piece-rate

If employees in a manufacturing business are paid wages based on the number of units produced, they are paid what type of basis

Commissions

Salespeople who are paid a percentage of net sales are paid on the basis of

Credit Balance

The Social Security Tax Payable account will normally have a

Gross

The amount of employees' ? pay is recorded in the Wages Expense account

Payroll Register

The details that are entered on the employee's individual earnings record for each pay period are obtained from the

Payable

The employer records the amount of federal income taxes withheld from employees in the Employee Income Tax ? Account


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