Accounting I Unit 5

18 terms by abcooper 

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941 -

employer'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 -unemployed

tax paid by employers to provide funds for workers who are temporarily

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

W-4 -

tax form that contains the information used to determine the amount of income tax withheld for employees.

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