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Presentation transcript:

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True/False 1 True/False 2 Vocabulary 1 Vocabulary 2 100 100 100 100 200 200 200 200 Final 300 300 300 300 400 400 400 400 500 500 500 500

Businesses use payroll records to inform employees of their What is True? Businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government. Row 1, Col 1

All deductions from employee wages are recorded in a payroll What is True? All deductions from employee wages are recorded in a payroll register. Row 1, Col 2

The money paid for employee services What is Salary? The money paid for employee services Row 1, Col 3

The period covered by A salary payment. What is Pay Period? The period covered by A salary payment. Row 1, Col 4

The first task in preparing a payroll is to determine the What is False? The first task in preparing a payroll is to determine the number of days worked by each employee. Row 2, Col 1

Total earnings are sometimes referred to as net pay or net earnings. What is False? Total earnings are sometimes referred to as net pay or net earnings. Row 2, Col 2

The total amount earned by all employees for a pay period. What is Payroll? The total amount earned by all employees for a pay period. Row 2, Col 3

pay period before deductions. What is Total Earnings? The total pay due for a pay period before deductions. Row 2, Col 4

Payroll taxes withheld represent a liability for an employer until What is True? Payroll taxes withheld represent a liability for an employer until payment is made. Row 3, Col 1

When an employee’s earnings exceed the tax base, no more What is True? When an employee’s earnings exceed the tax base, no more social security tax is deducted. Row 3, Col 2

Taxes based on the payroll What is Payroll Taxes? Taxes based on the payroll of a business. Row 3, Col 3

A deduction from total earnings for each person legally supported What is Withholding Allowance? A deduction from total earnings for each person legally supported by a taxpayer, including the employee. Row 3, Col 4

The amount of income tax withheld from each employee’s What is True? The amount of income tax withheld from each employee’s total earnings is determined from the number of withholding allowances and by the employee’s marital status. Row 4, Col 1

Employee total earnings are calculated What is True? Employee total earnings are calculated as regular hours x regular rate, plus overtime hours x overtime rate. Row 4, Col 2

A federal tax paid for old-age, survivors, and disability insurance. What is Social Security Tax? A federal tax paid for old-age, survivors, and disability insurance. Row 4, Col 3

A federal tax paid for hospital insurance. Row 4, Col 4 What is Medicare Tax? A federal tax paid for hospital insurance. Row 4, Col 4

A business is required by law to withhold certain What is True? A business is required by law to withhold certain payroll taxes from employee salaries. Row 5, Col 1

A single person will have less income tax withheld than What is False? A single person will have less income tax withheld than a married employee. Row 5, Col 2

The maximum amount of earnings on which a tax is calculated. What is Tax Base? The maximum amount of earnings on which a tax is calculated. Row 5, Col 3

record payroll information. What is Payroll Register? A business form used to record payroll information. Row 5, Col 4

Individual payroll checks are usually written on this Final Jeopardy Individual payroll checks are usually written on this What is the Payroll Account?