Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
Know
remaining cards
Save
0:01
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Chapter 13

TermDefinition
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