Ch 11 - topics pt 2 Flashcards Preview

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Flashcards in Ch 11 - topics pt 2 Deck (16):
1

What two forms are sent to the SSA annually?

W-3 and copies of W-2's

2

What info is included on the Annual Transmit of Wage and Tax Statements, Form W-3? (9)

1. soc sec wages
2. medicare wages
3. soc sec tax withheld
4. medicare tax withheld
5. wages
6. tips
7. other compensation
8. fed income tax withheld
9. other info

3

When is the W-3/W-2 packet due to the SSA?

by last day of Feb following end of calendar year

4

What two forms must the totals on the W-3 match?

1. must equal sum of amounts on attached W-2's
2. sum of amounts reported on forms 941 during year

5

What is the last step of the payroll tax process?

filing of W-3

6

When does the company record their state and federal unemployment tax expense?

end of each payroll period

7

What is the entry for recording unemployment taxes? (3)

1. debit: payroll taxes expense
2. credit fed unemploy tax payable
3. credit state unemploy tax payalbe

8

When is the due date for filing most state unemployment tax returns?

last day of month following end of quarter

9

What is the ceiling for Unemployment tax?

$7k of calendar year earnings

10

What is the ceiling for social security?

$108600

11

When are federal unemployment tax deposits due?

made quarterly and due on last day of month following end of quarter

12

When is a deposit for federal unemployment taxes required?

when more than $500 is owed

13

When is federal unemployment reporting due (form 940)

1. annually, by Jan 31 of following year
2. extended to Feb 10 if all tax deposits were made on time

14

Where does the info needed to fill out the 940 come from? (2)

1. annual summary of individual earnings records
2. state unemployment tax returns filed during year

15

What are the two options for paying Workers Comp premiums?

1. estimated annual premium in advance (few employees)
2. deposit and monthly premium payments (many employees)

16

Usually, how much is the deposit for Worker's Comp Insurance Premiums for employers with many employees?

1. 25% of estimated annual premium