accounting chapter 13

unemployment taxes

collect to provide funds for workers who are temporarily unemployed

salaries expense

expense account used to record employees earnings

payroll tax expense

employers payroll taxes are business expense records in the ___

state unemployment tax act (SUTA)

5.4% of gross earnings

federal unemployment taxes (FICA)

6.2% of gross earnings

form 8109

identifies the type of tax and the tax period

• FICA, federal tax deposits, fed income tax withheld

form 940

employers fed unemployment tax is reported annually on this form

form 941

employers quarterly fed tax return that reports accumulated amounts of FICA

form W-2

summarizes an employees earnings and withholdings for the calendar year/ wage and tax statement

form W-3

transmittal of wage and tax statements with the federal governments along with forms of a W-2

electronic tax payment system (EFTPS)

used by larger businesses to make deposits

taxes reported on form 941

• fed income tax withheld

• ss tax

• medicare tax

what taxes are payed using form 8109

FICA, federal tax deposits, fed inc tax withheld