The File That Serves as a Basis for Reporting Payroll

question 27

Multiple Choice

The file that serves as a basis for reporting payroll information to governmental agencies and preparing Form W-2 is the:

• A)labor time record.
• B)payroll record.
• C)employee's earnings record.
• D)labor cost summary.

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Definitions:

Equal Payments

Payments of the same amount over a specified period of time.

Surplus Cash

Excess funds that a business or individual has, which are not needed for immediate operational expenses or reserved funds.

Settle Its Debt

The action or process by which an entity fulfills its financial obligations, clearing outstanding liabilities.

Interest Owed

The amount of interest that has been incurred on a loan or debt but has not yet been paid.