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Parson - Chp 13 Payroll Liabilities and Tax Records
|The expense account used to record employee's earnings.
|Federal Unemployment Tax Act
|Requires employers to pay federal unemployment taxes based on a percentage of the employees' gross earnings.
|State Unemployment Tax Act
|Requires employers to pay state unemployment taxes based on a percentage of the employees' gross earnings.
|taxes collected to provide funds for workers who are temporarily out of work; usually paid only by the employer.
|Payroll Tax Expense
|Account where the employer's payroll taxes are recorded.
|Federal Tax Deposit Coupon
|A form sent with payment for FICA and federal income taxes or federal unemployment taxes to indicate the total amount of taxes being paid.
|Electronic Federal Tax Payment System
|Larger businesses deposit income tax payments by electronic funds transfer.
|a form that provides the employee with a summary of earnings and amounts withheld for federal, state, and local taxes; also called a wage and tax statement.
|the employer's unemployment tax return; it includes both federal and state unemployment taxes paid during the year.
|The employer's quarterly federal tax return; it reports the accumulated amounts of FICA and federal income tax withheld from employees' earnings for the quarter, as well as FICA tax owed by the employer.
|The Transmittal of Wage and Tax Statements, filed with the federal government to summarize the information contained on the employees' Forms W-2