Ch. 13 Payroll taxes/ liabilities

Unemployment taxes

Collected to provide funds for workers who are temporarily unemployed

Form 941

Employer's quarterly federal tax return that reports accumulated amounts of FICA and Federal income taxes withheld from the employee's earnings

Salaries Expense

Expense account used to record employees earnings

Form 8109

Identifies the type of tax and the tax period

Federal unemployment Tax act (FUTA)

Requires employers to pay unemployment taxes

State unemployment Tex act (SUTA)

Requires employers to pay unemployment taxes

Form 940

The employer's federal unemployment tax is reported annually on this form

Form W-3

Transmittal of wages and tax statements with the Federal government along with the W-2

Payroll tax expense

employers payroll taxes are business expenses recorded in that account. Are a liability to the business

Form W-2

summarizes an employee's earnings and withholding's for a calendar year

Electronic federal Tax Payment System (EFTPS)

used by larger businesses to make deposits