Tax
Another term for a tax deposit coupon
Form 8109
What is EFTPS?
Electronic federal tax payment system
Debit
How often do businesses pay off their payroll liabilities?
Weekly or biweekly
What is Form 941?
An employer's quarterly federal tax return
What are an employee's deductions to a business?
Liabilities
How often is unemployment taxes paid?
Quarterly
What is SUTA?
State unemployment tax
What is the equation for an employer's payroll liabilities?
Gross earnings - net pay
What does form W-2 summarize?
An employee's earnings and withholdings for a calendar year
What is Form W-3?
Transmittal of tax and wage statements
What is credited in a payroll journal entry?
Cash in bank
How much does the accumulated FUTA tax have to be for a business not to have to pay it?
$100 or less
What does FICA include?
Social security and medicare
What is debited in a salaries expense account?
Gross earnings