Payroll Foundations
Hired by the employer
What is a W-2 employee?
1 and 1/2 times "regular rate of pay"
What is the amount all covered employees must be paid for all hours physically worked over 40 in a workweek?
The maximum amount of employee compensation subject to Social Security, Medicare, FUTA, and state unemployment taxes
What are taxable wages?
Federal Unemployment Tax Act
What is FUTA?
Federal withholding, Social Security (both EE & ER), medicare (both EE & ER) make up this deposit
What is a Federal 941 tax deposit?
Sets own hours, works by the job, receives form 1099
What is an independent contractor (aka 1099)?
The basic unit for determining the proper wages due employees
What is the workweek?
Does NOT reduce taxable wages
What is an after-tax deduction?
$7,000
What is the wage limit for FUTA?
Semi-weekly and monthly
What are 941 deposit frequencies?
July 1 - September 30.
What is Quarter 3?
2080
What is the number of hours worked in a year?
Reduces taxable wages
What is a pre-tax deduction?
Employees typically exempt from FUTA
What are VISA employees, family members of sole props, 501c3 non-profits?
$500 in tax liability or by January 31 of the following year.
What is when FUTA is due?
Weekly, bi-weekly, semi-monthly.
What are pay periods?
$2.13
What is the hourly rate for "tipped employees"?
Exempt from FIT and SIT only
What is a retirement plan?
Officers of corporations are mandated to be exempt from SUI/surcharge in these states.
What are MI, MN, and WA?
Form 943
What is the federal form that Intuit does not support?
22%
What is the federal supplemental tax rate for 2019?
FLSA
What is the Fair Labor and Standards Act?
Over $50,000 is exempt from FIT and in most cases SIT
What is GTLI(Group Term Life Insurance)?
Payroll Tax Compliance pages are housed here.
What is the Unified Knowledge in Salesforce?
Total wages, excess wages, wages subject to UI, number of employees paid, wage listing, tax amount due.
What is the information reported on a state unemployment filing?