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question 31

Short Answer

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Definitions:

Salaries And Wages Expense

The total amount spent by a business on employee salaries and wages before deductions during a given period.

Monthly Payroll

Monthly payroll refers to the total amount of wages or salaries paid by a business to its employees on a monthly basis, including deductions and taxes.

FICA Taxes Withheld

Amounts deducted from employees' paychecks to cover their portion of Social Security and Medicare taxes as required by the Federal Insurance Contributions Act.

Overtime Work

Hours worked by employees beyond their regular working hours, often compensated at a higher rate than their standard pay.