| A | B |
|---|
| Federal Unemployment Tax Act | federal unemployment law requiring |
| State Unemployment Tax Act | state unemployment law requiring |
| unemployment taxes | collected to provide funds for workers who are temporarily |
| Payroll Tax Expense | the account used to record the employer’s payroll taxes |
| Form 8109 | Federal Tax Deposit Coupon, identifies the type of tax and tax period |
| Electronic Federal Tax Payment System | used by larger businesses to make electronic deposits |
| Form W-2 | summarizes an employee’s earnings and withholdings for the calendar year |
| Form 941 | the employer’s quarterly federal tax return |
| Form 940 | annual form to report the employer’s federal unemployment tax |
| Allowances | Used to determine the amount of federal taxes withheld from the paycheck |
| Dependent | a person who relies on the taxpayer for financial support |
| Form W-4 | Employee’s Withholding Allowance Certificate |
| Internal Revenue Service | Collects federal taxes, issues regulations, and enforces tax laws |
| Taxes | Compulsory charges imposed on citizens |
| Gross Pay | The total amount of money earned during a pay period before deductions |
| Net Pay | The amount of money left after all deductions have been withheld |
| Deductions | The amount of money subtracted from the gross pay earned |
| Federal Insurance Contribution Act | Withholdings for social security and medicare |
| Voluntary Deductions | money withheld voluntarily by the employee |
