Ch 11 - Payroll Taxes, Dep and Reports VOCAB

Question 1

Define Employer’s Annual Federal Unemployment Tax Return, form 940.

Answer 1

Preprinted govt form used by employer to report unemployment taxes for the calendar year.

Question 2

What is IRS form 940?

Answer 2

Employer’s Annual Federal Unemployment Tax Return

Question 3

What is the Employer’s Quarterly Federal Tax Return, Form 941?

Answer 3

Preprinted govt form used by employers to report payroll tax info relating to social security, Medicare and employee income tax withholding to the IRS

Question 4

What is IRS form 941?

Answer 4

Employer’s Quarterly Federal Tax Return

Question 5

What is an experience rating system?

Answer 5

A system that rewards an employer for maintaining steady employment conditions by reducing the firm’s state unemployment tax rate.

Question 6

What is another phrase for a merit rating system?

Answer 6

experience rating system

Question 7

What is the Transmittal of Wage and Tax Statements, Form W-3?

Answer 7

Preprinted govt form submitted with forms W-2 to the Social Security Admin.

Question 8

What is form W-3?

Answer 8

Transmittal of Wage and Tax Statements.

Question 9

What is an unemployment insurance program?

Answer 9

program that provides unemployment compensation through a tax levied on employers

Question 10

What is a Wage and Tax Statement, Form W-2?

Answer 10

Preprinted govt form that contains info about an employee’s earnings and tax withholdings for the year

Question 11

What is IRS form W-2?

Answer 11

Wage and Tax Statement

Question 12

What is the withholding statement?

Answer 12

form W-2, Wage and Tax Statement.