Accounting 1 Chapter 13 Vocabulary

What is the expense account used to record employees’ earnings.

What are the taxes collected to provide funds for workers who are temporarily out of work; usually paid only by the employer

What is the law that requires employers to pay unemployment taxes to the federal government

What is the law that requires employers to pay employment taxes to individual states

What is the expense account used to record the employer’s payroll taxes

What is the Federal Deposit Tax Coupon; form sent with payment for FICA and federal income taxes or federal unemployment taxes

What is the system used by large businesses to deposit tax payments by electronic funds transfer

What is the Wage and Tax Statement or the form that summarizes an employee’s earnings and amounts withheld for federal, state, and local taxes

What is the transmittal of Wage and Tax Statements; summarizes the information contained on the employees’ Forms W-2 and accompanies the Forms W-2 sent to the federal government

What is the Employer’s Quarterly Federal Tax Return; form used to report accumulated amounts of FICA and federal income tax withheld from employees’ earnings for the quarter, as well as FICA tax owed by the employer