ACC 1 CH 12 Payroll Review

A qualified retirement plan that provides most individuals with a deferred federal income tax benefit

• 401(k)

• Individual Retirement account

• Roth IRA

• 403(b)

The payment of an employee's net pay using electronic funds

• commission

• direct deposit

• electronic funds transfer

• net pay

A method of paying an employee based on the amount of sales the employee generates

• commission

• Roth IRA

• Gross Pay

• Qualified retirement plan

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

• Federal Income Tax

• FICA tax

• medicare tax

• social security tax

A qualified retirement plan sponsored by an employer

• Social Security

• Individual Retirement Account

• Roth IRA

• 401(k)

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

• child support

• medicare tax

• withholding allowance

• social security tax

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

• withholding allowance

• tax base

• qualified retirement plan

• social security tax

A retirement savings plan approved by the IRS that provides individuals with a tax benefit

• qualified retirement plan

• social security benefits

• medicare benefits

• withholding allowance

A computer cash payments system that transfers funds without the use of checks, currency, or other paper documents

• 403(b)

• 401(k)

• electronic funds transfer

• Direct Deposit

The total earnings paid to an employee after payroll taxes and other deductions

• Gross Wages

• YTD Total Earnings

• YTD Net Pay

• Net Pay