Quickbooks Chapter 8-Payroll

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Author:
davecowman
ID:
301644
Filename:
Quickbooks Chapter 8-Payroll
Updated:
2015-04-28 13:34:10
Tags:
Payroll
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Description:
Payroll
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  1. Payroll
    Involves the computing of employees' gross earnings, withholdings and deductions, and net pay; the preparation of paychecks; the proper recording of payroll-related transactions; submission of payroll withholdings to the appropriate agencies; and preparation of payroll compliance reports.
  2. Gross Pay
    Total earnings for an employee for a specific pay period before withholdings and deductions.
  3. FICA Tax (Social Security) and Medicare Tax
    The Federal Insurance Contribution Act (FICA) tax, also known as Social Security, is a tax imposed on both the employer and employee at a rate of 6.2% of the first $113,700 (year 2013) of wages for each employee.  Medicare tax is also imposed on both the employer and employee at a rate of 1.45%-there is no wage maximum for the Medicare tax.
  4. Net Pay
    Total earnings for an employee minus all employee withholdings and deductions.

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