Payroll

Which one of these is not a way for a Company to do their payroll?

• Outsource

• Software

• Employer does themselves

• Employee does it themselves

The total earnings, marital status and number of withholding allowances claimed by an employee determines the federal income tax amount to be withheld.

• True

• False

Pay Period

• Number of days of weeks of work covered by an employee's paycheck

• Total amount earned by all employees for a payroll period

• Amount paid to an employee for every hour worked

• A fixed sum of money divided among equal pay periods

Employee Earnings Record

• Record of commission an employee earns

• An accounting form that summarises earnings, deductions and net pay of all employees for one pay period

• Form that shows deduction of taxes

• A business form used to record details of an employee's earnings and deductions

The taxes withheld from the earnings of a single individual is less that those withheld from married individuals.

• True

• False

Payroll

• Number of days of weeks of work covered by an employee's paycheck

• Total amount earned by all employees for a payroll period

• Amount paid to an employee for every hour worked

• A fixed sum of money divided among equal pay periods

Gross income

• Individual earnings after taxes, garnishments and contributions

• An individual's income before taxes and adjustments

Which of these payroll deductions is a legal requirement?

• Health Insurance

• Retirement Plan

• Federal Income Tax

• Union Dues

What form must be provided yearly by your employer to each employee showing the total salary earned and the taxes withheld?

• W2

• W3

• W6

• W5

Withholding allowance

• A deductions from total earning for each person legally supported by taxpayer and employer

• Total amount earned by all employees for a payroll period

• Taxes based on payroll of a business (required by law)

• A fixed sum of money divided among equal pay periods