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Chapter 13
Term | Definition |
---|---|
Electronic Federal Tax Payment System (EFTPS) | System used by large businesses to deposit federal tax payments by electronic funds transfer. |
Federal Unemployment Tax Act (FUTA) | Law that requires employers to pay unemployment taxes to the federal government. |
Form 8109 | Federal Deposit Tax Coupon; form sent with payment for FICA and federal income taxes or federal unemployment taxes. |
Form 940 | Form that reports the employer's federal unemployment taxes. |
Form 941 | Employer's Quarterly Federal Tax Return; form used to report accumulated amounts of FICA and federal income tax withheld from employees' earning for the quarter, as well as FICA tax owed by the employer. |
Form W-2 | Wage and Tax Statement; form that summarizes an employee's earnings and amounts withheld for federal, state, and local taxes. |
Form W-3 | Transmittal of Wage and Tax Statements; summarizes the information contained on employees' Forms W-2 and accompanies the Form W-2 sent to the federal government. |
Payroll Tax Expense | The expense account used to record the employer's payroll taxes (FICA, FUTA, SUTA) |
Salaries Expense | The expense account used to record employees' earnings. |
State Unemployment Tax Act (SUTA) | Law that requires employers to pay unemployment taxes to individual states. |
Unemployment Taxes | Taxes collected to provide funds for workers who are temporarily out of work; usually paid only by the employer (FUTA and SUTA). |