Unit 5: Payroll Accounting
1. 941 – employer's quarterly federal tax return
2. Employee earnings record – business form used to record details affecting payments made to an employee
3. Employer's payroll taxes – taxes owed to the government by the employer based on payroll
4. Federal unemployment tax – tax paid by employers to provide funds for workers who are temporarily unemployed
5. Gross earnings – total amount earned by an employee for a pay period before deductions
6. Medicare tax – provides health insurance benefits for the elderly
7. Net pay – total earnings paid to an employee after payroll taxes and other deductions are withheld
8. Pay period – period covered by a salary payment
9. Payroll – list of employees and the payments due to each employee for a pay period
10. Payroll checks – checks written to each employee for amount due
11. Payroll records – organized records of a business's payroll activities
12. Payroll register – business form used to record payroll information
13. Payroll system – a planned process for producing and providing payroll information
14. Payroll taxes – taxes withheld from employee earnings
15. State unemployment tax – tax paid by employer to provide funds for workers who are temporarily unemployed
16. W-2 – wage and tax statement
17. W-3 – transmittal of income and tax statement
18. W-4 – tax form that contains the information used to determine the amount of income tax withheld for employees.
1. 941 – employer's quarterly federal tax return
2. Employee earnings record – business form used to record details affecting payments made to an employee
3. Employer's payroll taxes – taxes owed to the government by the employer based on payroll
4. Federal unemployment tax – tax paid by employers to provide funds for workers who are temporarily unemployed
5. Gross earnings – total amount earned by an employee for a pay period before deductions
6. Medicare tax – provides health insurance benefits for the elderly
7. Net pay – total earnings paid to an employee after payroll taxes and other deductions are withheld
8. Pay period – period covered by a salary payment
9. Payroll – list of employees and the payments due to each employee for a pay period
10. Payroll checks – checks written to each employee for amount due
11. Payroll records – organized records of a business's payroll activities
12. Payroll register – business form used to record payroll information
13. Payroll system – a planned process for producing and providing payroll information
14. Payroll taxes – taxes withheld from employee earnings
15. State unemployment tax – tax paid by employer to provide funds for workers who are temporarily unemployed
16. W-2 – wage and tax statement
17. W-3 – transmittal of income and tax statement
18. W-4 – tax form that contains the information used to determine the amount of income tax withheld for employees.