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The Feds
Forms, Forms, & More Forms
Identifying Accounts
100
The expense account often used to record employee's earnings.
What is Salaries Expense?
100
Salaries Expense is debited then what account is credited?
What is FICA?
100
This tax deducts 5.4% from gross earnings
What is State Unemployment taxes?
100
This form is an employee's earnings and withholdings for the calander year.
What is Form W-2?
100
Both empolyees and employers pay these taxes
What is FICA Tax?
200
Taxes paid by the employer to provide funds for workers who are temporarily out of work.
What is unemployment taxes?
200
When the federal government is paid the amount owed for social security tax, an entry is made on what side of the social security tax payable account.
What is a Debit?
200
This tax is abbreviated as FUTA and is .8% of your gross earnings
What is The Federal Unemployment Tax Act?
200
This form is the employer's quarterly federal tax return that record federal and FICA taxes withheld from employee's earnings
What is Form 941?
200
The employer pays these two taxes for workers who are out of work
What is State and Federal Unemployment Taxes?
300
Small business prepare and send this form quarterly with payment.
What is Form 8109?
300
If Employees' Fed. Income taxes and FICA are debited this account is credited.
What is Cash In Bank?
300
This tax has a 6.2% rate on an employee's annual wages
What is Federal Unemployment Tax?
300
The employer's federal unemployment tax is reported annually on this form?
What is form 940?
300
This account has a 6.2% rate and is paid by both employees and employers
What is Social Security tax?
400
This is used by large business to make tax deposits.
What is Electronic Federal Tax Payment System (EFTPS)?
400
If Cash is credited what is posted for the hospital insurance premium payable
What is Debited?
400
The State Unemployment Tax Payable account is increased by this.
What is a credit?
400
This form summarizes the information on the W-2 forms for all the employees.
What is Form W-3?
400
This tax has 1.45% rate of employee's earnings
What is Medicare Tax?
500
This account is used to record the total of the employer's payroll taxes.
What is Payroll Tax Expense?
500
When journalizing and posting payroll Cash in Bank is always?
What is Credited?
500
This tax along with federal income tax is subrtacted from your grass earnings
What is State income tax?
500
This form is also known as the Federal Tax Deposit coupon
What is form 8109?
500
This account is a liability to the business until the employer pays it for their share of the taxes.
What is Payroll Tax Expense?
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