Payroll Accounting 117 Chapter 4 Income Tax Withholding

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Author:
davecowman
ID:
309447
Filename:
Payroll Accounting 117 Chapter 4 Income Tax Withholding
Updated:
2015-10-11 16:09:00
Tags:
Chapter4
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Description:
Income Tax Withholding
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  1. Wages (p. 4-2)
    The total compensation paid to employees for services
  2. 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.
  3. 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.
  4. Personal Allowance (p. 4-10)
    Deduction in computing taxable income.
  5. Percentage Method (4-15)
    Withholding method
  6. Wage-Bracket Method (p. 4-15)
    Withholding method.
  7. Standard deduction (p. 4-15)
    An amount of money used to reduce  an individual's adjusted gross income in arriving at the taxable income.
  8. 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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