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18 terms

Accounting I Unit 5

STUDY
PLAY
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.