| A | B |
|---|
| Salaries Expense | The expense account used to record employees’ earnings |
| Federal Unemployment Tax Act (FUTA) | Law that requires employers to pay unemployment taxes to the federal government. |
| State Unemployment Tax Act (SUTA) | Law that requires employers to pay employment taxes to individual states. |
| Unemployment Taxes | Taxes that are collected to provide funds for workers who are temporarily unemployed |
| Payroll Tax Expense | The expense account that is used to record the employer payroll taxes |
| Federal Tax Deposit Coupon | The form used by the employer to pay Social Security, Medicare, and federal income taxes to the Internal Revenue Service |
| Electronic Federal Tax Payment System (EFTPS) | The online system that is used by larger businesses to remit payroll taxes |
| Form 940 | Used to report the employer’s federal unemployment tax for the calendar year |
| Form 941 | The employer’s quarterly federal tax return that reports accumulated amounts of Social Security, Medicare and federa lincome tax withheld from employee’s earnings, as well as the Social Security and Medicare taxes owed by the employer |
| Form W-2 | Wage and Tax Statement;The form that summarizes an employee’s earnings and deductions for the calendar year |
| Form W-3 | The transmittal form filed by the employer that summarizes the earnings and deductions for ALL employees for the calendar year |
