Payroll

39問 • 1年前

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Refers to any individual who is a recipient of salaries or wages.

employee

It includes an officer, employee or elected official of the Government of the Philippines or any political subdivision, agency or instrumentality thereof.

employee

The term also includes an officer of a corporation.

employee

Means a person for whom an individual performs or performed any service, of whatever nature, as the employee of such person.

employer

Refers to the total amount paid to employees for services provided during a period.

payroll

Means a period for which an employer ordinarily makes payment of salaries or wages to the employees.

payroll period

Means all remuneration paid for services performed by an employee for his employer, including the cash value of all remuneration paid in any medium other than cash.

salaries or wages

Is usually applied to managerial, supervisory and administrative services. The rate of _____ is expressed in terms of a month or a year.

salary

Remuneration for skilled or unskilled labor is ordinarily referred to as ______; the rates are stated on an hourly or piecemeal basis.

wages

The total earnings of an employee for a payroll period before taxes and other deductions are taken out, is called _____.

gross pay

Regular working hours shall not be more than _____ hours in any one day nor more than _____ hours in any one week.

8 40

Private employees, whether permanent, temporary or provisional, who is not over 60 years old, is subject to compulsory coverage under the ____, and the _____, and ____.

social security system (sss) national health insurance program (nhip) pag-ibig fund

Provides for a replacement of income lost on account of the aforementioned contingencies. The benefits under the program are as follows: sickness, maternity, disability, retirement and death benefits.

social security system

Aims to assist workers who suffer work related sickness or injury resulting in disability or death.

employees compensation (ec) program

It is formerly known as Medicare

national health insurance program (nhip)

National Health Insurance Program (NHIP) is formerly known as _____

Medicare

Is a health insurance program for SSS members and their dependents whereby the healthy subsidize the sick who may find themselves in need of financial assistance when they get hospitalized.

national health insurance program

The ______ is the mandated administrator of the medicare program under the National Health Insurance Act of 1995.

Philippine Health Insurance Corporation or PhilHealth

The Philippine Health Insurance Corporation or PhilHealth is the mandated administrator of the medicare program under the _____.

National Health Insurance Act of 1995

Effective ______, MEDICARE collection and membership functions being performed by the SSS for the private sector members shall now be assumed by PhilHealth.

July 1, 1999

Effective July 1, 1999, _____ collection and membership functions being performed by the SSS for the private sector members shall now be assumed by PhilHealth.

MEDICARE

Effective July 1, 1999, MEDICARE collection and membership functions being performed by the SSS for the private sector members shall now be assumed by ____.

PhilHealth

Promotes home ownership through the establishment of an affordable and adequate housing credit system for its members.

pag-ibig fund

It is the compensation based for contributions and benefits related to the total earnings for the month.

monthly salary credit

Gross pay for a payroll period less the payroll deductions—SSS, PhilHeath and pag-IBIG contributions of the employee; withholding taxes; union dues and other deductions—equals _____.

net pay

Is the amount to be paid to the employee.

net pay or take home pay

A payroll system should include an accurate and reliable record of the employee's work hours during a particular period which are usually maintained in _____.

time cards

Each pay period, the entity organizes the payroll data in a special journal called the _____.

payroll register

A typical ______ has three sections to keep track of employee's in and out time in the morning, afternoon, and overtime; and another section to summarize the hours work—regular and overtime.

time card

A typical time card has three sections to keep track of employee's in and out time in the ____, _____, and _____; and another section to summarize the hours work—regular and overtime.

morning, afternoon, and overtime

This register lists each employee and the related payroll amounts.

payroll register

This journal also serves as the basis for preparing the payroll journal entries.

payroll register

This register can have major sections for employees' names, tax status, total hours worked, gross pay, total deductions and net pay.

payroll register

Each employer must keep a detailed record of earnings and withholdings for each employee in an _______.

employee earnings record

If payments of salaries or wages are made in cash, ______ should be prepared for every payroll period.

payroll slips

Is prepared for each employee; each slip contains the pertinent payroll figures found in the payroll register.

payslip

The employee upon receipt of cash signs this slip and a duplicate copy is given to him.

payslip

The employer shall collect contributions of members through _______.

payroll deduction

When sending remittances through the bank, it is important to secure the duplicate copy of the ______ and the original copy of the ______ (monthly contributions payment return) issued by the bank for those would serve as the official receipt

special bank receipt (sbr) sss form r5

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