Accounting: Chapter 12

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The year-to-date gross earnings of an employee

accumulated earnings

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

commission

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

salary

A record of the arrival time, departure time, and total number of hours worked each day for an employee

time card

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

true

A payroll register is prepared for each pay period

true

FICA rates are changeable at any time by Congress

true

Form W-4 lists the marital status and the number of exemptions claimed by each employee

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

true

Most businesses use computers to prepare the payroll

true

The employee payroll is a major expense for most companies

true

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

true

The number of columns on a payroll register varies depending on the company's specific needs

true

The payroll register is the source of information for preparing the paychecks

true

The payroll register summarizes information about employees' earning for the pay period

true

The social security system was established by the Federal Insurance Contributions Act

true

The social security tax and Medicare tax are both part of the FICA system

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 employees, paychecks are often written on the company's regular checking account

true

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

wage

A voluntary payroll deduction that allows employees to defer paying taxes until retirement

401(k) plan

An amount subtracted from an employee's gross earnings

deduction

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

direct deposit

An employee's gross earnings may be calculated by any of the four methods - salary, piece rate, hourly wage, or commission - but never by a combination of these methods

false

Employees paid by direct deposit have their gross pay electronically deposited in their personal bank accounts

false

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

false

Overtime is paid to most employees after 44 hours of work in a pay week

false

Payroll is no a major expense of most businesses

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

false

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

false

The number of hours worked multiplied by the hourly wage gives the net earnings for the pay period

false

The total amount earned by an employee in a pay period

gross earnings

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

net pay

1 1/2 times an employee's regular hourly rate of pay and is paid for all the hours worked over 40 per work week

overtime rate

The amount of time for which an employee is paid

pay period

A list of the employees of a business and the payments use to each employee for a specific pay period

payroll

The person who is responsible for preparing the payroll

payroll clerk

A form that summarizes information about employees' earning for each pay period

payroll register


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