| Question |
Answer |
| 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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