Chapter 12 Accounting Study Guide – Flashcards
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salary
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The money paid for employee services
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pay period
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The period covered by a salary payment
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payroll
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The total amount earned by all employees for a pay period
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total earnings
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The total pay due for a pay period before deductions
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payroll taxes
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Taxes based on the payroll of a business
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withholding allowances
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A deduction from total earnings for each person legally supported by a taxpayer
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social security tax
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A federal tax paid for old age, survivors, and disability insurance
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Medicare tax
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A federal tax paid for hospital insurance
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tax base
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The maximum amount of earnings on which a tax is calculated
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payroll register
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A business from used to record payroll information
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employee earnings record
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A business from used to record details affecting payments made to an employee
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net pay
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The total earnings paid to an employee after payroll taxes and other deductions
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How do you figure employee total earnings?
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Employee's total regular amount + the employee's overtime amount = employee total earnings
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How is net pay calculated?
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Total earnings - total deductions = net pay
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What effects federal income tax withheld?
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Employee marital status and number of withholding allowances
