Shared Flashcard Set

Details

OA 214
Chapter 8
19
Accounting
Not Applicable
05/01/2013

Additional Accounting Flashcards

 


 

Cards

Term
Banking day
Definition
a banking day is any day that a bank is opoen to the public for business
Term
Calendar quarter
Definition
a three-month, 13-week time priod
Term
Employer identification number (EIN)
Definition
a number assigned by the IRS that is used by an employer when recording and paying payroll and income taxes
Term
Federal Insurance Contribution Act (FICA)
Definition
part of the Social Security law that requires employees and employers to pay OASDI taxes and Medicare taxes
Term
Federal Unemployment Tax Act (FUTA)
Definition
a tax paid by employers to the federal government
Term
Form SS-4
Definition
the form filled out by an employer to get an EIN
Term
Form W-2, Wages and Tax Statement
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
Term
Form W-3, Transmittal of Income and Tax Statement
Definition
a form completd by the employer to verify the number of W-2's and amounts withheld as shown on them
Term
Form 8109, Federal Tax Deposit Coupon
Definition
a coupon that is completed and sent along with payments of tax deposits relating to Forms 940, 941, or 944
Term
Form 940, Employer's Annual Federal Unemployment Tax Return
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
Term
Form 941, Employer's Quarterly Federal Tax Return
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
Term
Form 941 taxes
Definition
another term used to describe FIT, OASDI, and Medicare
Term
Form 944, Employer's Annual Federal Tax Return
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
Term
Look-back period
Definition
a period of time used to determine whether a business should make its Form 941 tax deposits on a monthly or semiweekly basis
Term
Monthly depositor
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
Term
Payroll tax expense
Definition
the cost to employers includes the total of the employer's FICA OASDI, FICA Medicare, FUTA, and SUTA
Term
Semiweekly depositor
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
Term
State Unemployment Tax Act (SUTA)
Definition
a tax usually paid only by employers to the state for employee unemployment insurance
Term
Workers' compensation insurance
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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