12.3 payroll management Flashcards Preview

Intro to Business > 12.3 payroll management > Flashcards

Flashcards in 12.3 payroll management Deck (37):
1

as part of the compensation system, most businesses provide _____ like insurance, vacation time, sick leave, personal time off, retirement plans and education assistance

benefits

2

businesses must prepare and maintain tax records, as well as sent required ____ to the government on time

payments

3

an employee's payroll records include the amount of ____ pay, withholding and deductions, and net pay for each pay period.  a year to date balance for each item is maintained as well. 

gross pay

4

calculate the amount of employee withholding for social security (6.2%) and medicare (1.45%) for the following employee then calculate the net pay

 

Marjorie Elder $865.00

  • Social security:  $865 x .062 = 53.63
  • Medicare: $865 x .0145 = 12.54
  • Net pay:  865 - 53.63 - 12.54 = $798.83

5

the financial record of employee compensation, deductions and net pay

payroll

6

employers must withhold ____ from employee wages and salaries as well as make their own required contributions

taxes

7

payroll records can be maintained using paper or _____

electronically/computerized

8

each time payroll is processed the payroll records are ____

updated

9

one of the most important financial duties of a business is maintaining a _____

payroll

10

what is unemployment tax?

  • Federal Unemployment Tax (FUTA)
  • amount owed is based on total employees wages

11

what is income tax?

  • required by federal, state and local governments to be withheld from employees pay
  • amount withheld is based on the wages or salary paid and nubmer of employee dependents

12

the financial record of employee compensation, deductions and net pay is known as

  • compensation
  • payroll
  • earnings report
  • paycheck

payroll

13

gross pay is _____ taxes and deductions are taken out

BEFORE

14

an actual paycheck only shows _____

net pay amount

15

what do personnel records include?

  • personal info
  • employment history
  • performance evaluations
  • compensation records (how much they get paid)
  • other info needed by the company

16

maintains info on each employee to be able to calculate the company's payroll and to make the necessary payments to each employee

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

payroll system

17

the earnings report is often called ____

pay stub

18

documentation used to process earning payments and record each employee's pay history

payroll records

19

the electronic transfer of net pay into an emploee's bank account is known as

  • tax withholding
  • FICA
  • direct deposit
  • an automated payroll system

direct deposit

20

most businesses pay every employee on a weekly, bi-weekly or ____ basis

monthly

21

the payroll records for each employee contain all the info needed by the employer in order to ____ the worker

pay

22

a _____ system is a cental location for all information the company maintains on all employees from the time they are hired until well after they no longer work for the business

personnel

23

most info in personnel files is _____

confidential

24

what are the different kinds of payroll taxes

income taxes

social security

medicare

unemployement taxes

25

in the past, paychecks were calculated by hand.  today, ____ personnel records systems make the payroll process more efficient and accurate

computerized

26

a business must keep _____ of employee benefits earned and used

records

27

net pay is the amount _____ all taxes and deductions are taken out

AFTER

28

businesses are responsible for making required federal and state tax _____ for each employee

payments

29

Most employees in many businesses ereceive an hourly wage, managers and professional positions receive a weekly or monthly _____

salary

30

true or false

businesses are responsible for making required federal and state payments for each employee

true

31

true or false

payroll records need to be maintained for all full time employees, but ot for part time employees

false

needs to be maintained for full time and part time

32

easy to use software is used today to collect employee time and production records each work period.  when paychecks need to be prepared, the information on benefits and deductions is determined and each employee's pay is ______

calculated

33

what is direct deposit

  • the employer transfers net pay electronically into the employee's bank account,
  • employee does not recieve a printed paycheck
  • employee does receive an earnings report or pay stub

34

each employee's pay ____ is maintained int he payroll records

history

35

what are social security and medicare?

  • often referred to as FICA (federal insurance contributions act)
  • required to be withheld by the government
  • employees and employers must pay a certain amount

36

the info in maintained in the ____ records is used to process payroll

payroll

37

what info is included in payroll records?

  • info on worker's identity - name, address, social security number
  • salary and wage rate
  • vacation and sick days info
  • the tax filing status
  • deduction info - health insurance payments, retirement plan contributions