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Chapter 13

Salary Expense The total gross earnings for all employees earning hourly wages, salaries, and commissions
FYI – 2 items needed to prepare tax reports The payroll register and employee earnings records
FYI – Debit amount from Payroll Register Salary Expense
FYI – Credit amount from Payroll Register Employee Income Tax Payable
FYI – 3 items not journalized The Totals of the Earnings regular, earnings overtime, and deductions total columns
FYI – 4 taxes employer must pay Social Security tax, medicare tax, federal unemployment tax, and state unemployment tax
FYI – only tax paid by both employer & employee Social Security and medicare taxes
FYI – Social Security Maximum earnings $106,800.00
FUTA Federal Unemployment Tax Act: created national program to provide cash payments to employees who lost their jobs through no fault of their own
Federal Unemployment Tax A federal tax paid by employers to administer the unemployment program
State Unemployment Tax A state tax paid by employers that is used to pay benefits to unemployed workers
SUTA State Unemployment Tax Act
FYI – Federal Unemployment Maximum earnings $7,000.00
FYI – Journalizing date for Payroll Taxes Expense same date the payroll is journalized
FYI – W2 shows 2 main items total year's earnings and and the amounts withheld for taxes for an employee
FYI – Date all W2s must be furnished by January 31 of the next year
Form 941- Employer’s Quarterly Federal Tax Return shows the federal income tax, social security tax, and medicare taxes owed to the government
FYI – Date all Form 941 must be filed before the last day of the month, following the end of a calendar quater
Form W-3 – Transmittal of Wage & Tax Statements reports the prior years earnings and payroll taxes withehld for all employees
FYI – Date all form W-3 must be sent by February 28, of each year
Deposit The payment of payroll taxes to the government is referred to as a deposit
FYI – 2 factors to determine how often deposits made 1.The amount of payroll taxes collected during the current deposit period and 2.the amount of payroll taxes owed during a prior 12-month period
Lookback Period The 12-month period that ends on June 30 of the year that is used to determine how frequently a business must deposit payroll taxes
FYI – Payment schedule on deposits for new employers a monthly schedule
FYI – Date for monthly depositor must be paid by the 15th day of the following month
FYI – Federal tax deposits payment requirement must be paid using Electronic Funds Transfer
Form 940 Used to make deposits of payroll taxes
Created by: andrew.v