The Direct Deposit of Paycheques and the Automatic Withdrawal from a Bank

question 203

Multiple Choice

The direct deposit of paycheques and the automatic withdrawal from a bank account of monthly expenses are examples of ______________.

• A) Financial electronic data interchange.
• B) Collection float.
• C) Lockbox arrangements.
• D) Float management.
• E) Short-term financing options.

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Definitions:

Semiweekly Schedule

A tax depositing schedule requiring payments to be made twice a week, often used by employers for payroll taxes.

Form W-4

A tax form used by employees to determine the amount of taxes to be withheld from their paycheck.

Withholding Allowances

Amounts used to calculate how much income tax an employer should withhold from an employee's paycheck, based on the employee's personal situation.

Federal Unemployment Tax

A tax paid by employers to fund the federal government's oversight of the state unemployment insurance programs.