Assuming That a Payroll Bank Account Is Used, When the Payroll

question 95

True/False

Assuming that a payroll bank account is used, when the payroll is initially recorded, Salaries Payable is credited for total take-home pay.

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Definitions:

Wrongful Discharge

Termination of an employee in a manner that breaches one or more terms of the contract of employment or a statute provision in employment law.

Discovery

The process by which parties to a civil suit search for information relevant to the case.

FICA

The Federal Insurance Contributions Act, a U.S. law that mandates a payroll tax on both employees and employers to fund Social Security and Medicare.

Monthly Wage Base

The total amount of money earned by an employee in a month before deductions.