Define:

Employee

Independent Contractor

Salaried employees

Exemptions

Wage

Fair Labor Standards Act

Define Overtime pay -

How do you calculate gross pay?

Define Payroll Deduction -

What does FICA stand for?

FICA taxes are used to finance:

1)

2)

FICA social security employee withholding rate is: ______________________

What is the federal government's main source of revenue?

The amount of personal income tax withheld depends on three factors:

1)

2)

3)

Define:

• Withholding allowance

• Form W-4

• Wage Bracket Tables

Do most states require employers to withhold an income tax from earnings of employees?

What are some examples of items that employees may wish to have voluntarily withheld from their pay?

Define:

• Net earnings

• Payroll register

• Employee's earnings record

List the titles of some of the expense accounts and liability accounts we will use when preparing payroll journal entries: