Accounting Chapter 12 Review

List of employees and the payments due to each for a specific pay period is know as what?

• W4

• Payroll

• Payroll Deduction

• Pay Period

What is the amount of time over which an employee is paid known as?

• W4

• Payroll

• Pay Deduction

• Pay Period

What is the total amount of money an employee earns in a pay period before deductions?

• Net Earnings

• Salary

• Gross Earnings

• Net Pay

Who is the person responsible for preparing the payroll?

• CEO

• Earnings Clerk

• Manager

• Payroll Clerk

What is the fixed amount of money paid to an employee each pay period, usually managers or supervisors?

• Gross Earnings

• Net Pay

• Salary

• Commission

What is the pay based on a percentage of the employee's sales?

• Commission

• Salary

• Gross Earnings

• Piece Rate

What is the amount called that is subtracted from gross earnings?

• Deduction

• Taxes

• Salary Expense

• Commission

Overtime is typically what rate?

• 2.5 x hourly rate

• 1.5 x hourly rate

• 0.5 x hourly rate

• 3.5 x hourly rate

What form do you fill out when you get a job to show your martial status and withholding allowances?

• W2

• W4

• Social Security

• FICA

What reduces the amount of income tax to be withheld from your paycheck?

• FICA

• Federal Income Tax

• Deductions

• Allowances