salary or wages received from an employer
compensation
workers hired for a short period of time or for specific projects
contract workers
an employee who receives compensation based on the number of hours worked and an hourly wage
hourly employee
Typically, a standard workweek is _____ hours, and overtime is considered any time _____.
40; over this amount
payment for the amount of time worked beyond a standard workweek
overtime
an employee who receives a fixed dollar amount of pay regardless of the number of hours worked
salaried employee
Which group of workers is responsible for filing their own payroll taxes?
contract
earnings statement (check stub)
a document showing wages, tax, health, and retirement deductions
a document to calculate the dollar amount of federal tax withholdings
Employee’s Withholding Certificate (W-4)
a court order to collect money from a debtor’s income
garnishment
wages before taxes and deductions
gross earnings
wages after taxes and deductions
net earnings
PTO refers to _____, meaning _____.
paid time off; vacation and/or sick time
Medicare and social security tax withholdings
Federal Insurance Contributions Act (FICA)
withholdings to fund federal and state unemployment
Federal Unemployment Tax Act (FUTA)
withholdings to fund each state’s unemployment claims
State Unemployment Tax Act (SUTA)
_____ is healthcare for retired or disabled Americans.
Medicare
Who sends FICA to the federal government?
the employer
a form that documents non-employee annual wages over $600
Form 1099
The Social Security Administration may provide benefits to
retirees, individuals with disabilities, minor children, widows, and widowers
a form that documents an employee's annual wages, federal income, FICA tax, and retirement withholdings
Wage and Tax Statement (W-2)
an amount paid to employees at their separation from employment
severance
Which act states employers must maintain employee records for at least three years?
Fair Labor Standards Act
states that revenue and expenses are recognized as they are incurred
accrual basis
states that revenue is recognized when earned and expenses are recognized when paid
cash basis