Ch 11 - Payroll Taxes, Dep and Reports VOCAB Flashcards Preview

Principles of Accounting > Ch 11 - Payroll Taxes, Dep and Reports VOCAB > Flashcards

Flashcards in Ch 11 - Payroll Taxes, Dep and Reports VOCAB Deck (12):
1

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

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

2

What is IRS form 940?

Employer's Annual Federal Unemployment Tax Return

3

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

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

4

What is IRS form 941?

Employer's Quarterly Federal Tax Return

5

What is an experience rating system?

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

6

What is another phrase for a merit rating system?

experience rating system

7

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

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

8

What is form W-3?

Transmittal of Wage and Tax Statements.

9

What is an unemployment insurance program?

program that provides unemployment compensation through a tax levied on employers

10

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

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

11

What is IRS form W-2?

Wage and Tax Statement

12

What is the withholding statement?

form W-2, Wage and Tax Statement.