Term
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Definition
| a banking day is any day that a bank is opoen to the public for business |
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Term
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Definition
| a three-month, 13-week time priod |
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Term
| Employer identification number (EIN) |
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Definition
| a number assigned by the IRS that is used by an employer when recording and paying payroll and income taxes |
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Term
| Federal Insurance Contribution Act (FICA) |
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Definition
| part of the Social Security law that requires employees and employers to pay OASDI taxes and Medicare taxes |
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Term
| Federal Unemployment Tax Act (FUTA) |
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Definition
| a tax paid by employers to the federal government |
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Term
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Definition
| the form filled out by an employer to get an EIN |
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Term
| Form W-2, Wages and Tax Statement |
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Definition
| a form completed by the employer at the end of the calendar year to provide a summary of gross earning and deducations to each employee |
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Term
| Form W-3, Transmittal of Income and Tax Statement |
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Definition
| a form completd by the employer to verify the number of W-2's and amounts withheld as shown on them |
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Term
| Form 8109, Federal Tax Deposit Coupon |
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Definition
| a coupon that is completed and sent along with payments of tax deposits relating to Forms 940, 941, or 944 |
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Term
| Form 940, Employer's Annual Federal Unemployment Tax Return |
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Definition
| this form is used by employers at the end of the calendar year to report the amount of unemployment tax due for the year |
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Term
| Form 941, Employer's Quarterly Federal Tax Return |
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Definition
| a tax report that a business will complete after the end of each calendar quarter indicating the total FICA taxes owed plus the amount of FIT withheld from employees' pay for the quarter |
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Term
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Definition
| another term used to describe FIT, OASDI, and Medicare |
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Term
| Form 944, Employer's Annual Federal Tax Return |
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Definition
| the new, other version of the form used by employers to report FICA taxes owed and the amount of FIT withheld from an employee's pay |
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Term
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Definition
| a period of time used to determine whether a business should make its Form 941 tax deposits on a monthly or semiweekly basis |
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Term
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Definition
| a business classified as a monthly depositor will make its payroll tax deposits only once each month for the amount of the Form 941 taxes due from the prior month |
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Term
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Definition
| the cost to employers includes the total of the employer's FICA OASDI, FICA Medicare, FUTA, and SUTA |
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Term
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Definition
| a business classified as a semiweekly depositor may make its payroll tax depositsup to twice in one week, depending on when payroll is paid |
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Term
| State Unemployment Tax Act (SUTA) |
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Definition
| a tax usually paid only by employers to the state for employee unemployment insurance |
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Term
| Workers' compensation insurance |
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Definition
| insurance paid, in advance, by an employer to protect its employees against loss due to accidental death or injury incurred during employment |
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