Quickbooks Chapter 8-Payroll
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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.
Total earnings for an employee for a specific pay period before withholdings and deductions.
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.
Total earnings for an employee minus all employee withholdings and deductions.
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