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Chapter 14 vocab
| Question | Answer |
|---|---|
| The total earnings column-debit | Salary Expense |
| Is Federal Income Tax until the withheld taxes are sent to the federal government-credit | Employee Income Tax Payable |
| Is Social Security Tax until the tax is paid to the government-credit | Social Security Tax Payable |
| Is Medicare Tax until the tax is paid to the federal government-credit | Medicare Tax Payable |
| Is Health Insurance until the tax is paid to the federal government-credit | Health Insurance Premiums Payable |
| A deduction for US Savings Bonds that is a liability of the business until the employer has paid it | US Savings Bond Payable |
| A deduction for United Way that is a liability of the business until the employer has paid it | United Way Donations Payable |
| Amounts recorded in this column are posted individually to general ledger accounts | Cash Payments Journal General columns |
| Only the cumulative earnings | Total Earnings |
| Total Earnings - Total Deductions | Net Pay |
| Employer social security tax, Medicare tax, federal unemployment tax,state unemployment tax | 4 Employers Payroll Taxes |
| Paid by both the employees and the employer | Social Security & Medicare Taxes |
| Only tax up to the specified amount | Employee's earnings exceed tax base |
| The total earnings subject to unemployment tax; Applied to the first $7,000 earned by each employee for each calendar year | Unemployment Taxable Eanings |
| A federal tax used for state and federal administrative expenses of the unemployment program | Federal Unemployment Tax |
| A state tax used to pay benefits to unemployed workers | State Unemployment Tax |
| This liability is incurred when salaries are paid; Is journalized on the same date as the payroll | Payroll Taxes Expense |
| A report showing total year's earnings and the amounts withheld for taxes for an employee | Form W-2 |
| Employer's Quarterly Federal Tax Return that shows the federal income tax, social security tax, and Medicare tax due to the government | Form 941 |
| Transmittal of Wage and Tax Statements; Sent to the Social Security Administration by February 28 | Form W-3 |
| A deposit coupon that must accompany payment of employee income tax, social security, and Medicare tax to the federal government | Form 8109 |
| Change periodically; Always check the most current tax info before calculating an amount for any tax | Tax rates |
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