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Chapter 14 vocab

QuestionAnswer
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
Created by: echavez0195