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ACCT - Unit 5
Payroll Accounting
| Term | Definition |
|---|---|
| 941 Form | an employer's quarterly federal tax return |
| Employee earnings record | business form used to record details affecting payments made to an employee |
| Employer's payroll taxes | taxes owed to the government by the employer based on payroll |
| Federal unemployment tax | tax paid by employers to provide funds for workers who are temporarily unemployed |
| Gross earnings | total amount earned by an employee for a pay period before deductions |
| Medicare tax | provides health insurance benefits for the elderly |
| Net pay | total earnings paid to an employee after payroll taxes and other deductions are withheld |
| Pay period | period covered by a salary payment |
| Payroll | list of employees and the payments due to each employee for a pay period |
| Payroll checks | checks written to each employee for amount due |
| Payroll records | organized records of a business's payroll activities |
| Payroll register | business form used to record payroll information |
| Payroll system | a planned process for producing and providing payroll information |
| Payroll taxes | taxes withheld from employee earnings |
| State unemployment tax | tax paid by employer to provide funds for workers who are temporarily unemployed |
| W-2 Form | wage and tax statement |
| W-3 Form | transmittal of income and tax statement |
| W-4 Form | tax form that contains the information used to determine the amount of income tax withheld for employees |
Created by:
candace.freeman
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