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Accounting

Vocabulary

DefinitionVocabulary
Employer Identification Number The number assigned each employer by the Internal Revenue Service for use in the submission of reports and payments for FICA taxes and federal income taxes withheld.
Federal Unemployemnt Tax (FUTA) A tax levied only on the employer, equal to 0.8 percent of the first $7,000 of total earnings paid to each employer during the calendar year. This tax is used to administer the funds.
Form 940 An annual report filed by employers showing total wages paid to employees, total wages subject to federal unemployment tax, total federal unemployment tax, and other information. Also called the Employer's Annual Federal Unemployment Tax Return.
Form 941 A quarterly report showing the tax liability for withholdings of employees' federal income tax and FICA tax and the employer's share of FICA tax. Total tax deposits made in the quarter are also listed on this Employer's Quarterly Federal Tax Return.
Form W-2 A form containing inforamtion about employee earnings and tax deductions for the year. Also called Wage and Tax Statement.
Form W-3 An annual report sent to the S.S.Administration listing the total wages and tips, total federal income tax withheld, total S.S and Medicare taxable wages, total S.S. and Medicare tax withheld, and other info for all employees of a firm.
Payroll Tax Expense A general expense account used for recording the employer's matching portion of the FICA tax, the federal unemployment tax, and the state unempoyment tax.
Quarters Three consecutive months, also referred to as calendar quarters.
State Unemployment Tax (SUTA) A tax levied on the employer in most states. Rates differ among the various states; however, they are generally 5.4 percent or higher of the first $7,000 of total earnings paid to each employee during the calendar yr.
Workers' Compensation Insurance This insurance primarily paid for by the employer, provides benefits for employees injuried or killed on the job.
a subsidiary ledger that lists the individual accounts of creditors in either alphabetical or numerical order with their respective balances. accounts payable
Created by: joanna sales