Chap 10 Flashcards
Commission Basis
a method of paying employees according to a percentage of net sales.
Employee
a person who is hired by and works under the control and direction of the employer
Employee’s Withholding Allowance Certificate, Form W-4
a form used to claim expedition (withholding) allowance
Exempt Employees
slurred employees who hold supervisory or managerial positions who are not subject to maximum hour and overtime pay provisions of the Wage and Hour Law
Federal Unemployment Taxes (FUTA)
taxes levied by the federal government against employers to benefit unemployed workers
Hourly Rate Bases
a method for paying employees according to a stated rate per hour
Independent Contractor
one who is paid by a company to carry out a specific task or job but is not under the supervision or control of the company
Individual Earnings Record
an employee record that contains information needed to compute earnings and complete tax reports
Medicare Tax
a tax levied on employees and employers to provide medical care for the employee and the employee’s spouse after each has reached age 65
Payroll Register
a record of payroll information for each employee for the pay period
Piece-Rate Basis
a method of paying employees according to the number of units produced
Salary Basis
a method of paying employees according to an agreed-upon amount for each week or month
Social Security Act
a federal act providing certain benefits for employees and their families; officially the Federal Insurance Contributions Act
Social Security Tax (FICA, OASDI)
a tax imposed by the Federal Insurance
State Unemployment Taxes (SUTA)
taxes levied by a state government again employers to benefit unemployed workers
