CHAPTER 12 - M/C

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All employees must report their withholding allowances on a

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W4

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Each employee name is listed in a payroll register along with

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EMPLOYEE NUMBER, MARITAL STATUS, WITHHOLDING ALLOWANCES

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Employee regular earnings are calculated as

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regular hours times regular rate.

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Federal income tax is withheld from employee earnings

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in all states

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The Accumulated Earnings column of the employee earnings record

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is the total earnings since the first of the year

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The amount on the employee earnings record used to determine if certain payroll taxes apply to an employee’s earnings is

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accumulated earnings

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The social security tax is calculated by

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multiplying total earnings by the tax rate.

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The withholding allowances of an employee affect

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federal income tax withheld

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Some businesses deposit employee net pay directly to each employee bank account by using

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EFT