Test Bank for Payroll Accounting 9th
Edition by Jeanette Landin
take-home pay - ANSMoney received after all adjustments and deductions are made
net pay - ANSAmount of income left after taxes and deductions have been taken out.
gross pay - ANSthe total amount of money earned before deductions or taxes are taken out of
your paycheck
salary compensation - ANSA situation created when new employees receive higher pay than
employees who have been with the organization for a long time even though they perform the
same job usually cause by inflammation.
payroll register - ANSAn accounting form that summarizes the earnings, deductions, and net
pay of all employees for one pay period.
FICA - ANSFederal Insurance Contributions Act
taxes that fund Social Security and Medicare
Form W-4 - ANSA form that you fill out to provide the information your employer needs to
determine the proper amount to withhold from your paycheck
Form 940 - ANSIRS form used to report an employer's federal unemployment taxes (FUTA) on
an annual filing basis.
Form 941 - ANSemployer's quarterly federal tax return that reports accumulated amounts of
FICA and federal income taxes withheld from employees' earnings as well as FICA tax owed by
the employer
Form W-2 - ANSA form containing information about employee earnings and tax deductions for
the year. Also called Wage and Tax Statement.
A summary of your earnings and withholdings for the year for a job
Form 1040 - ANSIRS tax form for individuals; 1040 is the "long form", while 1040A is the "short
form", and 1040EZ is the simplest form
A tax form used by people that have other types of income such as royalties, alimony or prizes;
also called the long forum
Edition by Jeanette Landin
take-home pay - ANSMoney received after all adjustments and deductions are made
net pay - ANSAmount of income left after taxes and deductions have been taken out.
gross pay - ANSthe total amount of money earned before deductions or taxes are taken out of
your paycheck
salary compensation - ANSA situation created when new employees receive higher pay than
employees who have been with the organization for a long time even though they perform the
same job usually cause by inflammation.
payroll register - ANSAn accounting form that summarizes the earnings, deductions, and net
pay of all employees for one pay period.
FICA - ANSFederal Insurance Contributions Act
taxes that fund Social Security and Medicare
Form W-4 - ANSA form that you fill out to provide the information your employer needs to
determine the proper amount to withhold from your paycheck
Form 940 - ANSIRS form used to report an employer's federal unemployment taxes (FUTA) on
an annual filing basis.
Form 941 - ANSemployer's quarterly federal tax return that reports accumulated amounts of
FICA and federal income taxes withheld from employees' earnings as well as FICA tax owed by
the employer
Form W-2 - ANSA form containing information about employee earnings and tax deductions for
the year. Also called Wage and Tax Statement.
A summary of your earnings and withholdings for the year for a job
Form 1040 - ANSIRS tax form for individuals; 1040 is the "long form", while 1040A is the "short
form", and 1040EZ is the simplest form
A tax form used by people that have other types of income such as royalties, alimony or prizes;
also called the long forum
