Chapter 12 Accounting Terms

The money paid for employee services is called a

• Payroll

• Pay Period

• Salary

The period covered by a salary payment is called a

• Payroll

• Salary

• Pay Period

The total amount earned by all employees for a pay period is called a

• Salary

• Payroll

• Pay Period

The total pay due for a pay period before deductions is called

• Gross Pay

• Net Pay

• Total Earnings

Taxes based on the payroll of a business are called

• Payroll Taxes

• Earnings Taxes

• Earnings before Taxes

A deduction from total earnings for each person legally supported by a taxpayer, including the employee, is called

• Medicare Tax

• Social Security Tax

• Withholding allowance

A federal tax paid for old-age, survivors, and disability insurance is called

• Old Person Tax

• Social Security Tax

• Medicare Tax

A federal tax paid for hospital insurance is called

• Hospital Tax

• Medicare Tax

• Obamacare

The maximum amount of earnings on which a tax is calculated is called a

• Tax Base

• Social Security Tax

• Medicare Tax

A business form used to record details affecting payments made to an employee is called an

• Payroll Register

• Pay Check

• Earnings Record