WorksheetsChapter 12 Accounting Vocabulary
Total questions: 24
Worksheet time: 12mins
A qualified retirement plan that provides most individuals with a deferred federal income tax benefit.
Tax Base
Direct Deposit
Withholding Allowance
Individual Retirement Account
A federal tax paid for old-age, survivors, and disability insurance.
Social Security Tax
Medicare Tax
Commission Tax
401(k)
A device used to record the dates and time of every employee's arrivals and departures.
time clock
401(k)
payroll clerk
pay period
A method of paying an employee based on the amount of sales the employee generates.
tax base
witholding allowance
net pay
commission
A qualified retirement plan that allows tax-free withdrawals from the account.
Roth individual retirement account
qualified retirement plan
401(k)
individual retirement account
A federal tax paid for hospital insurance.
social security tax
Medicare tax
tax base
commission
The total earnings paid to an employee after payroll taxes and other deductions.
electronic funds transfer
individual retirement account
commission
net pay
The maximum amount of gross earnings on which a tax is calculated.
net pay
tax base
withholding allowance
social security tax
A qualified retirement plan sponsored by an employer.
401(k)
Roth individual retirement account
direct deposit
qualified retirement plan
The payment of an employee's net pay using electronic funds transfer.
electronic funds transfer
withholding allowance
direct deposit
net pay
The total amount paid by a business for an employee's work, earned by a wage, salary, or commission.
pay period
total earnings
payroll
accumulated earnings
The amount paid to an employee for every hour worked.
pay period
payroll
wage
salary
The accounting staff position that compiles and computes payroll data and then prepares, journalizes, and posts payroll transactions.
payroll clerk
payroll register
payroll taxes
payroll
A fixed annual sum of money divided among equal pay periods.
tax base
total earnings
wage
salary
The number of days or weeks of work covered by an employee's paycheck.
pay period
time clock
employee earnings record
accumulated earnings
The total amount earned by all employees for a pay period.
total earnings
salary
payroll
wage
Taxes based on the payroll of a business.
payroll register
payroll clerk
payroll
payroll taxes
A deduction from total earnings for each peson legally supported by a taxpayer, including the employee
net pay
payroll deduction
withholding allowance
payroll taxes
An accounting form that summarizes the earnings, deductions, and net pay of all employees for one pay period
voucher check
payroll register
time clock
payroll deduction
A check which has a detachable stub that contains detailed information about the cash payment.
direct deposit
payroll register
voucher check
payroll deduction
The total gross earnings year to date for an employee.
accumulated earnings
commission
total earnings
payroll
Any amount withheld from an employee's gross earnings.
withholding allowance
payroll deduction
tax base
Social Security tax
A business form used to record details of an employee's earnings and deductions.
employee earnings record
payroll register
qualified retirement plan
payroll
A retirement savings plan approved by the Internal Revenue Service that provides individuals with a tax benefit.
401(k)
Roth individiual retirement account
payroll deduction
qualified retirement plan
