Payroll

Form 1120

US Corporation Income Tax Return

Form 706 & 709

US Gift Tax Return

Form 1120s

US Income Tax Return for S-corporation

Form 1065

US Return of Partnership Income form

Form 1041

US income tax return for estates and trusts

employer

controls what work the employee is to do and how it should be done; withholds money for taxes for employees

Employer identification number (EIN)

each business has a unique identification number; get it by completing Form SS-4

Law requires employers to maintain __________________ that summarize each employee's earnings, deductions, net pay, and total earnings during each calendar year. Information in these records is used to prepare quarterly and ________ tax reports

employee earnings records; annual

Form 941

employer's quarterly federal tax return; reports the employer's federal income tax withholdings, SS taxes, and medicare taxes for the quarter just ended; filled out each quarter

workers' compensation insurance

employers provide this for their employees; provides benefits for employees who are injured on the job; premiums are paid either to the state or a private insurance company and depends on the type of work done by the employees

Employers must pay the social security tax in an amount ________ to what the employee contributes

equal

Form 940

how FUTA and SUTA are reported; quarterly; a check for the amount of the unemployment taxes is paid to the state

voluntary payroll deductions

include pension and health contributions, union dues, and charitable giving

medicare benefits

includes all payments for medical purposes; no upper limit on amount that an employee could pay; rate 1.45% on all earnings

Form 1040

individual income tax return form

Employers must also ______ medicare tax payments made by their employees

match

Form 8109

must accompany the deposit; the total amount deposited may be paid by either check or electronic funds trasnfer

The employer must keep records of the _________ of hours each employee works on each day during the pay period

number

payroll register

often used to keep a record of pay period dates, hours worked, gross pay, deductions, and net pay of each employee for each pay period; provides the data to prepare the journal entry to record the payroll in the general ledger accounts

social security benefits

payments for retirement and disability and to survivors; rate is 6.2% on first $106,800

independent contractor

performs a job for the employer but decides how to do the work; do not receive training from the employer; does not have withheld taxes

Form W-2

wage and tax statement; employers are required to furnish this form to each employee by January 31sr after the calender year ends; reports total earnings and deductions from the year just ended

NJ-1040

NJ INcome Tax Resident form

NJ ITR

NJ Inheritance Tax and Resident Return

NJ Sales Tax form

NJ Sales Taxes

payroll fraud

1) ghost employee 2)overstated hours 3)overstated pay rates 4)overstated commissions

payroll control

1) hire trusted employees 2) verify all time sheets 3) secure payroll data 4) keep authorizations

Form 1040-Schedule D

Capital Gains and Losses

Form 1099-div.

Dividends and Distributions form

Form 1099-div. Copy A

Dividends and Distributions form-for IRS

Form 1099-div. Copy C

Dividends and Distributions form-for payer

Form 1099-div. Copy B & 2

Dividends and Distributions form-for receipient

Form 1099-div. Copy 1

Dividends and Distributions form-for state tax department

Form 1040-ES

Estimated Tax for Individuals form

Form 9465

Installment Agreement Request

Form 1099-INT

Interest Income form

Form 1099-INT Copy A

Interest Income form-for IRS

Form 1099-INT Copy C

Interest Income form-for Payer

Form 1099-INT Copy B & 2

Interest Income form-for Receipient

Form 1099-INT Copy 1

Interest Income form-for State Tax Department

Form 1040-Schedule A

Itemized deductions

Form 1099-misc.

Miscellaneous Income form

Form 1099-misc. Copy A

Miscellaneous Income form-for IRS

Form 1099-misc. Copy C

Miscellaneous Income form-for payer

Form 1099-misc. Copy B & 2

Miscellaneous Income form-for receipient

Form 1099-misc. Copy 1

Miscellaneous Income form-for state tax department

Form 1065 Schedule K-1

Partner's Share of Income, Deductions, Credit, etc.

Form 1099-K

Payment Card and Third Party Network Transactions form

Form 1099-K Copy A

Payment Card and Third Party Network Transactions form-for IRS

Form 1099-K Copy B & 2

Payment Card and Third Party Network Transactions form-for Payee

Form 1099-K Copy 1

Payment Card and Third Party Network Transactions form-for State Tax Department

Form 1099-K Copy C

Payment Card and Third Party Network Transactions form-for filer

Form 2428

Power of Attorney and Declaration of Representative

Form 1040-Schedule F

Profit or Loss from Farming

Form 1040-Schedule C

Profit/Loss from Business

________ withhold income taxes based on either withholding tables or a percentage of the amount withheld for federal taxes

States

Form 1040-Schedule E

Supplemental Income and Loss

ghost employee

a reference to a name of an individual included in the payroll register who is not an employee of the company

self-employment tax

a tax for a person who operates their own business as a sole proprietor or independent contractor; pays both employee and employer FICA taxes; 12.4% for SS and 2.9% for Medicare

Circular E

a withholding table used by the employer from the IRS to computer the amount of federal taxes to withhold

payroll deductions

aka withholdings; amounts withheld from an employee's gross pay; some are required and some are voluntary

Form SS-4

an application for the EIN; requests general information about the business, its owners, and activities

Fair Labor Standards Act

applies to firms engaged in business across states; sets a minimum wage and sets 40 hour work week at the normal pay rate; sets 1 1/2 times the normal hourly rate as the minimum overtime pay rate

Form 1099-c

cancellation of debt form

Form 1099-c Copy C

cancellation of debt form-For Creditor

Form 1099-c Copy B

cancellation of debt form-For Debtor

Form 1099-c Copy A

cancellation of debt form-For IRS

Form W-4 (Employee's Withholding Allowance Certificate)

provides information that the employer will use to determine how much federal taxes to withhold from the employees paycheck; the amount withheld depends on the employee's martial status, his or her gross pay, and the number of withholding allowance the employee claims

FUTA and SUTA are computed at the end of each _________

quarter

IRS

requires employers to deposit payroll taxes either monthly or semiweekly; new companies deposit monthly; a company's deposit status is reviewed annually

required payroll deductions

result from law and include income taxes and SS taxes

FICA taxes

social security benefits and medicare benefits

Employee

someone whose work is under the direction of the employer; withhold taxes

A payroll check usually has a detachable ____________ that shows the employee's gross pay, deductions, and net pay

statement of earnings

The more allowances an employee claims, the less the ______ the employer withholds

tax

State Unemployment Tax (SUTA)

tax an employer pays; base rate is 5.4% on the first $7000 earned by each employee; rate is adjusted for the employer's merit rating

Federal unemployment tax (FUTA)

tax an employer pays; pay 6.2% on the first $700 earned by each employee and can be reduced to 5.4% if the employer has a good employment history

Form W-3

the Transmittal Wage and Tax statement; sent with W-2 to social secuirty administration; reports the total wages and withholding information for all the company's employees; due the last day of February after each calendar year

gross pay

the total amount an employee earns before deductions, like taxes; withholding allowance lowers the amount of this that is taxed