Ch 11 - topics pt 2 Flashcards
What two forms are sent to the SSA annually?
W-3 and copies of W-2’s
What info is included on the Annual Transmit of Wage and Tax Statements, Form W-3? (9)
- soc sec wages
- medicare wages
- soc sec tax withheld
- medicare tax withheld
- wages
- tips
- other compensation
- fed income tax withheld
- other info
When is the W-3/W-2 packet due to the SSA?
by last day of Feb following end of calendar year
What two forms must the totals on the W-3 match?
- must equal sum of amounts on attached W-2’s
2. sum of amounts reported on forms 941 during year
What is the last step of the payroll tax process?
filing of W-3
When does the company record their state and federal unemployment tax expense?
end of each payroll period
What is the entry for recording unemployment taxes? (3)
- debit: payroll taxes expense
- credit fed unemploy tax payable
- credit state unemploy tax payalbe
When is the due date for filing most state unemployment tax returns?
last day of month following end of quarter
What is the ceiling for Unemployment tax?
$7k of calendar year earnings
What is the ceiling for social security?
$108600
When are federal unemployment tax deposits due?
made quarterly and due on last day of month following end of quarter
When is a deposit for federal unemployment taxes required?
when more than $500 is owed
When is federal unemployment reporting due (form 940)
- annually, by Jan 31 of following year
2. extended to Feb 10 if all tax deposits were made on time
Where does the info needed to fill out the 940 come from? (2)
- annual summary of individual earnings records
2. state unemployment tax returns filed during year
What are the two options for paying Workers Comp premiums?
- estimated annual premium in advance (few employees)
2. deposit and monthly premium payments (many employees)
