Payroll Accounting 117 Chapter 4 Income Tax Withholding
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Wages (p. 4-2)
The total compensation paid to employees for services
De Minimis fringe benefit (p. 4-4)
Any property or service that value of which is so small that accounting for it would be unreasonable.
Defined contribution plan (p. 4-8)
Provides future benefits based solely on the amount paid by each employee and employer into the account, plus investment gains.
Personal Allowance (p. 4-10)
Deduction in computing taxable income.
Percentage Method (4-15)
Wage-Bracket Method (p. 4-15)
Standard deduction (p. 4-15)
An amount of money used to reduce an individual's adjusted gross income in arriving at the taxable income.
Supplemental Wage Payment (p. 4-18)
Include items such as vacation pay, bonuses, commissions, exercised nonqualified stock options, and dismissal pay.
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