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