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Payroll Liabilities

Parson - Chp 13 Payroll Liabilities and Tax Records

QuestionAnswer
Salaries Expense The expense account used to record employee's earnings.
Federal Unemployment Tax Act Requires employers to pay federal unemployment taxes based on a percentage of the employees' gross earnings.
State Unemployment Tax Act Requires employers to pay state unemployment taxes based on a percentage of the employees' gross earnings.
Unemployment taxes taxes collected to provide funds for workers who are temporarily out of work; usually paid only by the employer.
Payroll Tax Expense Account where the employer's payroll taxes are recorded.
Federal Tax Deposit Coupon A form sent with payment for FICA and federal income taxes or federal unemployment taxes to indicate the total amount of taxes being paid.
Electronic Federal Tax Payment System Larger businesses deposit income tax payments by electronic funds transfer.
Form W-2 a form that provides the employee with a summary of earnings and amounts withheld for federal, state, and local taxes; also called a wage and tax statement.
Form 940 the employer's unemployment tax return; it includes both federal and state unemployment taxes paid during the year.
Form 941 The employer's quarterly federal tax return; it reports the accumulated amounts of FICA and federal income tax withheld from employees' earnings for the quarter, as well as FICA tax owed by the employer.
Form W-3 The Transmittal of Wage and Tax Statements, filed with the federal government to summarize the information contained on the employees' Forms W-2
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