EXAM PREP 2026 STUDY GUIDE QUESTIONS
AND ANSWERS FULLY SOLVED GRADED A+
◉ pay period. Answer: the number of days or weeks of work covered
by an employee's paycheck
◉ payroll. Answer: the total amount earned by all employees in a
pay period
◉ total earnings. Answer: the total amount paid by a business for an
employee's work, earned by a wage, salary, or commission
◉ social security tax. Answer: a federal tax paid for old-age,
survivors, and disability insurance
◉ payroll taxes. Answer: taxes based on the payroll of a business
◉ Medicare tax. Answer: a federal tax paid for hospital insurance
◉ tax base. Answer: the maximum amount of earnings on which a
tax is calculated