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Basic Bookkeeping - Day 3 > Payroll > Flashcards

Flashcards in Payroll Deck (8)
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1

What is the name of the IRS form that must be completed by employees to indicate allowances claimed to determine the amount of Federal Income Tax that is withheld every period?

IRS Form W4

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3

What is FUTA?

FUTA stands for Federal Unemployment Tax Act and is a tax imposed on employers on the first $7,000 an employee earns.

4

What is SUTA

SUTA stands for State Unemployment Tax Act and is a tax imposed on employers and varies per state as each state has their own rate.g

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