16 terms

Chapter 13

STUDY
PLAY
Federal Unemployment
A federal tax used for state and federal administrative expenses of the unemployment program.
State Unemployment
A state tax use to pay benefits to unemployed state workers.
FUTA
Federal Unemployment tax
SUTA
State Unemployment tax
Unemployment Federal Rate
.8%
Unemployment State Rate
5.4%
Unemployment Tax Base
$7,000.00
Equation to find Net Pay
Total Earnings - Total Deductions = Net Pay
Total earnings on the payroll register represents which account for journalizing
Salary Expense
Net Pay on the payroll register represents which account for journalizing
Cash Credit
Which employee payroll taxes must the Employers match?
Social Security and Medicare
List the 4 Employer payroll taxes
Federal Unemployment
State Unemployment
Social Security
Medicare
Employer Payroll taxes are journalized in the ____________ journal.
General
Payroll taxes Expenses has a normal ____________ balance.
Debit
Employee payroll deductions could include:
Employee income tax
Social Security
Medicare
Health Insurance
Other voluntary deductions
Each employer must furnished a W-2 to each employee by ____________________.
January 31