Arkansas - Accounting 1
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17 terms
Terms | Definitions |
|---|---|
 941 | Employee's quarterly federal tax return |
| Employee earnings record | business form used to record details affecting payments made to an employee |
| Employer's payroll taxes | taxes owed to the government by the employer based on payroll |
| Federal unemployment tax | tax paid by employers to provide funds for workers who are temporarily unemployed |
| Gross earnings | total amount earned by an employee for a pay period before deductions |
| Medicare tax | provides health insurance benefits for the elderly |
| Net pay | total earnings paid to an employee after payroll taxes and other deductions are withheld |
| Pay period | period covered by a salary payment |
| Payroll | list of employees and the payments due to each employee for a pay period |
| Payroll checks | checks written to each employee for amount due |
| Payroll records | organized records of a business's payroll activities |
| Payroll register | business form used to record payroll information |
| Payroll system | a planned process for producing and providing payroll information |
| Payroll taxes | taxes withheld from employee earnings |
| State unemployment tax | tax paid by employer to provide funds for workers who are temporarily unemployed |
| W-2 | wage and tax statement |
| W-3 | transmittal of income and tax statement |
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