Chapter 10 Accounting 3
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