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Chapter 13
| Term | Definition |
|---|---|
| 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
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