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Exam 5
ACC 117
| Term | Definition |
|---|---|
| direct deposit | a payroll method in which the employee does not handle the paycheck; payment is made by the employer directly to the employee's bank account using EFT |
| electronic system | a computer system based on a software package that performs all payroll record keeping and prepares payroll checks |
| employee | someone who works under the control and direction of an employer |
| employee earnings record | a separate record of each employee's earnings |
| Fair Labor Standards Act (FLSA) | a law that requires employers to pay overtime at 1 1/2 times the regular rate to any hourly employee who works over 40 hours in a week |
| FICA taxes | payroll taxes withheld to provide Social Security and Medicare benefits |
| gross pay | an employees total earnings |
| independent contractor | someone who performs a service for a fee and does not work under the control and direction of the company paying for the service |
| manual system | payroll system in which all records are prepared by hand |
| net pay | gross pay less mandatory and voluntary deductions |
| payroll processing center | a business that sells payroll record-keeping services |
| payroll register | a form used to assemble the data required at the end of each period |
| percentage method | a method of determining the amount to withhold from an employee's gross pay for a specific time period. |
| salary | compensation for managerial or administrative services |
| wages | compensation for skilled or unskilled labor |
| withholding allowance | a specific dollar amount of an employee's gross pay that is exempt from federal income tax withholding |
| Electronic Federal Tax Payment System (EFTPS) | an electronic funds transfer system for making federal tax deposits |
| employer FICA taxes | taxes levied on employers at the same roles and on the same earnings bases as the employee FICA taxes |
| experience-rating system | a system to encourage employers to provide regular employment to workers |
| FUTA (Federal Unemployment Tax Act) tax | a tax levied on employers to raise funds to administer the federal/state unemployment compensation program |
| Self-Employment Contributions Act (SECA) | a government act that requires self-employed individuals to pay tax on net self-employment income |
| self-employment income | the net income of a trade or business by an individual |
| self-employment tax | a tax on the earnings of self-employed person at double the Social Security and Medicare rates |
| SUTA (State Unemployment Tax) tax | a tax levied on employees to raise funds to pay unemployment benefits |
| workers compensation insurance | insurance carried by employers for employees who suffer a work-related illness or injury |
Created by:
anichols23
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