Taxes
This form is sent from the employer to each employee of the business, detailing all payroll numbers such as money earned, federal income tax withheld, social security tax withheld, etc.
Form W-2
What was the one university you could NOT use while completing the Accounting Degrees in Texas module?
Sam Houston State University (SHSU)
What is the state income tax rate in Texas?
(There is no state income tax in Texas)
The "Big Picture" idea that contains several smaller ledgers within it.
Controlling Account
(Vocabulary Term) The name of the process that is a secure, electronic payment method that transfers funds directly into a bank account
Direct Deposit
This tax form is filled-out by the employee at the time of being hired, and serves as a withholding certificate.
Form W-4
Our final Career Connections module focused on the accounting concepts we began learning last semester, and are applicable to nearly every accounting position in the U.S.
What are these concepts called? (must know the words of the acronym)
Generally Accepted Accounting Principles (GAAP)
(TWO ANSWERS) - What is the percentages of gross pay that should be withheld for Social Security and Medicare?
Social Security = 6.2%
Medicare = 1.45%
When a customer pays off money that is owed to a business, the affect on Accounts Receivable is a: (Debit or Credit?)
Credit
When merchandise is bought on account, the vendor sends the customer this source document.
Invoice
(can also say purchase invoice or sales invoice)
What day of the year is the annual deadline for an individual to file their taxes?
April 15
For the fourth Career Connections module, we looked at higher paying jobs in the Greater Houston area for individuals with a degree in accounting and typically a minimum of 3-5 years of experience. What is the job title of the position we searched?
Senior Accountant
How would a wage-earning employee qualify for overtime pay? (number of hours per day AND number of hours per week)
8 hours / day ; 40 hours / week
What is the name of the column on a General Journal where source documents are recorded?
Doc. No.
(Document Number)
What is the name of the federal agency that oversees the process of paying federal taxes and creates/modifies tax forms over time
IRS (Internal Revenue Service)
Within our Nearpod lesson, we learned about the three methods you can use to file your taxes. What are those three options?
1. Paper (DIY)
2. Tax Preparation Software
3. Hire a professional
What is the name of the job title in which we watched a video in class detailing statistics and logistics of the Texas economy? (Hint: This role oversees all accounting and financial reporting for a business)
Controller / Comptroller
In our payroll unit, we have learned about 5 withholdings from gross pay. Name all 5 withholdings.
Federal Tax, Social Security, Medicare, Retirement, Insurance
The name for the table that shows overdue amounts based on days past due:
Aging Accounts Receivable Table
An iPad with a card reader, a cash register, or anything that accepts both cash and card sales for a business is known as a:
Point-of-Sale (POS)
The U.S. uses a system that taxes those who make more money at a higher rate ; In other words: The more you make, the more taxes you theoretically pay.
This type of tax system is known as a ________ tax system.
progressive
In the second Career Connections module, we learned about the Big 4 Accounting Firms. Name one of them.
Deloitte
Ernst & Young (EY)
PriceWaterHouseCoopers (PWC)
KPMG
What is the name of the federal law passed following the great depression that established minimum wage and other labor laws?
FLSA (Fair Labor Standards Act)
Most recently in class, we introduced a new concept that serves as a contra account to Accounts Receivable, and is used to balance the books when customers have outstanding balances
Accounts Uncollectible
There are five sections of a chart of accounts: Assets, Liabilities, Equity, Revenue, and Expenses.
Which of these categories normally carry debit balances?
Assets & Expenses