Indd 326 91505 114627 am summary chapter 12 voluntary

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Unformatted text preview: of money actually received by the employee. Gross Pay Total Payroll Deductions Net Pay 5. A payroll register summarizes information for all employees in a single pay period. A pay period is the amount of time over which employees are paid (for example, once a week or twice a month). The payroll register includes • • • • • • • total hours; rate of pay; regular earnings, overtime earnings, and total earnings; deductions; net pay; payroll check number; and totals. 6. Payroll funds can be distributed to employees by check or by direct deposit through electronic funds transfer. 7. The employee’s earnings record contains all information for a single employee. This record is kept quarterly to make it easier for the business to complete reports and forms required by the government. The earnings record has the same amount columns that appear on the payroll register plus an additional column for accumulated earnings. These are the employee’s earnings from the beginning of the year through the pay period just completed. Key Terms accumulated earnings (p. 323) pay period (p. 310) commission (p. 313) payroll (p. 310) deduction (p. 315) payroll clerk (p. 310) direct deposit (p. 323) payroll register (p. 320) electronic badge readers (p. 312) piece rate (p. 313) employee’s earnings record (p. 323) salary (p. 311) 401(k) plan (p. 318) time card (p. 312) gross earnings (p. 311) wage (p. 312) net pay (p. 321) withholding allowance (p. 315) overtime rate (p. 313) Chapter 12 Summary 308-337_CH12_868829.indd 327 327 4/6/06 5:57:37 PM CHAPTER 12 AFTER YOU Review and Activities READ Check Your Understanding 1. 2. 3. 4. 5. 6. 7. Payroll Records a. What are two goals of a payroll system? b. List five tasks that an effective payroll system performs. Gross Pay a. List and describe five employee bases or categories used to compute gross pay. b. Define overtime rate. Withholdings a. List the three federal taxes that businesses are required to withhold from employees’ wages. b. What th...
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