EXERCISE E-2
Purpose: (L.O. 1 thru 3) This exercise will quiz you about terminology used in this chapter.
A list of accounting terms with which you should be familiar appears below:
Bonus | payroll dedutctions |
Employee earnings record | payroll register |
Employee's Withholding Allowance Certificate (Form) | Salaries |
Federal unemployment taxes | Statement of earnings |
Fees | State unemployment taxes |
FICA taxes | Wage and Tax Statement (Form W-2) |
Gross earnings | Wages |
Net pay |
Instructions
For each item below, enter in the blank the term that is described.
- ____________________________________ Specified amounts per month or per year paid to executive and administrative personnel.
- ____________________________________ Amounts paid to employees based on a rate per hour or on a piece-work basis.
- ____________________________________ Compensation to management personnel and other employees based on factors such as increased sales or the amount of net income.
- ____________________________________ Total compensation earned by an employee. Sometimes called gross pay.
- ____________________________________ Deductions from gross earnings to determine the amount of a paycheck.
- ____________________________________ A payroll record that accumulates the gross earnings, deductions, and net pay by employee for each pay period.
- ____________________________________ Gross earnings less payroll deductions. Sometimes called take-home pay.
- ____________________________________ An Internal Revenue Service ...
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