Unemployment Taxes
This is the tax rate for FUTA before any credits are claimed against it.
What is 6.0%?
This is the account you would credit when you pay off taxes that you previously withheld.
What is Cash?
This form is sent from employers to employees at year-end, summarizing how much money they were paid and the taxes that were withheld.
What is a W-2?
This payroll processor was the subject of a 2010 data breach that resulted in the loss of payroll information for 1,900 of its customers.
What is Ceridian?
This term describes an individual that a taxpayer can claim for credits and/or exemptions.
What are dependents?
This term describes the maximum amount of income that is subject to a given tax.
What are wage base caps?
This is a court order, requiring employees to withhold funds from an employee's paycheck (excluding standard taxes).
What is a garnishment?
This form, filled out by employees upon beginning a new job, is used to determine how much federal tax should be withheld from their paychecks.
What is a W-4?
This term describes the use of a third-party to perform payroll functions.
What is outsourcing?
This term describes the "leftover pay" after taxes and other withholdings are deducted from gross income.
What is net income?
This is the maximum SUTA credit that can be claimed against FUTA.
What is 5.4%?
This record is used to record the cumulative totals of wages and taxes for each employee.
What is the Employees' Earnings Record?
This form is used by taxpayers to file an annual income tax return.
What is Form 1040?
This structure is used to ensure that employees are paid the correct amount on time and that the organization is in compliance with laws / regulations.
What is Payroll Ethics?
There are 3 payroll associations that we spoke about last class name one of them.
What is:
- The American Payroll Association (APA)
- Independent Payroll Providers Association (IPPA)
- The Payroll Group (TPG)
This is the name to describe states that have taken loans from the federal government that have not been repaid in the allowable timeframe?
What are credit reduction states?
These liability accounts are used to record wages withheld by an employer that will later be paid to the government.
What are Payables?
This form is used to report an organization's annual FUTA Tax.
What is the Form 940?
This document, created by the AICPA, specifies how members of the accounting profession are expected to behave.
What is the Code of Conduct?
This publication, published by the IRS and deemed the "Bible of Payroll" was created to provide guidance around common payroll issues / questions.
What is Publication 15?
This law ordered every state to set up an unemployment compensation program.
What is the Social Security Act of 1935?
This is the Expense account used for the Employer's Journal Entry to record payroll.
What is Payroll Taxes Expense?
This form is used to record payments made to independent contractors.
What is Form 1099?
This term describes a scenario when payroll information is stolen or otherwise accessed by unauthorized individuals.
What is a breach?
This term describes employees who are paid a salary but are also subject to the overtime laws of the FLSA.
What are non-exempt employees?