Chapter 12 Flashcards Preview

Intro to Accounting > Chapter 12 > Flashcards

Flashcards in Chapter 12 Deck (17):
1

payroll

a list of the employees and the payments due to each employee for a specific pay period

2

pay period

amount of time over which an employee is paid

3

payroll clerk

- makes sure employees are paid on time
- makes sure each employee is paid the correct amount
- completes payroll records
- submits payroll reports
- pays payroll taxes

4

gross earnings

total amount of money an employee earns in a pay period

5

salary

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

6

wage

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

7

time card

a record of the times an employee arrives and leaves work each day

8

commission

an amount paid to an employee based on a percentage of the employees sales

9

W 4 Form

a form filled out by each employee when starting a job

10

overtime rate

1.5 x regular rate

11

deduction

an amount that is subtracted from gross earnings

12

allowance

reduces the amount of income tax to be withheld

13

401K Plan

an employee contributes a portion of gross earnings to an account in the 401 (k) plan and does not pay more income tax on the contributed earnings

14

payroll register

form that summarizes information about employees earnings for each pay period

15

net pay

gross earnings - total deductions

16

direct deposit

the net pay is deposited in the employees personal bank account by the employer

17

accumulated earnings

the employee's year-to-date gross earnings, or the employee's gross earnings from the beginning of the year through the end of each pay period