Payroll and Payroll Tax

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Author:
Elliott108nl
ID:
198484
Filename:
Payroll and Payroll Tax
Updated:
2014-05-22 21:35:54
Tags:
Payroll tax forms IRS FICA FUTA
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Description:
Definitions of forms related to payroll.
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  1. Payroll Register
    • Used to keep record of pay period dates, hours worked, gross pay, deductions, net pay of each EE for each pay period.
    • Contains info from W-4 on marital status and deductions.
  2. Employee Earnings Record.
    • Required by law for each EE.
    • Summarize EE gross earnings, deductions, net pay, total earnings during each cal yr.
    • Used to prepare Q and Annual tax reports.
  3. W-4
    • EE Withholding Allowance Certificate.
    • Shows EE wh allowances, used to calc fed income tax.
  4. Form SS-4
    • For a business to request an EIN.
    • Asks genl info on business:
    • name,
    • location,
    • main activity,
    • estim # EE.
  5. FUTA
    • Fedl Unemployment Tax
    • Only on first $7000 earned by each EE.
    • Only ER pays.
  6. SUTA
    • State Unemployment Tax
    • Only on first $7000 earned by each EE.
    • Only ER pays.
  7. Payroll Tax Deposits
    • Either monthly or semiweekly (1ce or 2ce per week).
    • Deposited to Fedl Depository Bank:
    • Can be Fedl Reserve Bank, or
    • authorized depositories.
  8. Form 8109
    • Fedl Tax Deposit Coupon.
    • Send with $$ for monthly income tax & deductions.
    • Can deposit by this form or electronically.
  9. Form 941
    • ER Quarterly Fed Tax Return.
    • ER Fedl income tax wh,
    • SS (EE + ER),
    • Medicare (EE + ER).
  10. Form W-2
    • Wage and Tax Statement
    • ER provides to each EE at year end.
    • Has wages, FICA, income tax wh.
  11. Form W-3
    • Transmittal of Wage & Tax Statement
    • Reports total wage and wh info for all EEs.
    • Due at year end.
  12. Form 940
    Annual Fedl Unemployment Tax Return
  13. JEs for Payroll
    Record payment of wages and liability for EE FICA:
    • Wages Expense     1000
    •      EE FICA Taxes Payable - SS    100
    •      EE FICA Taxes Payable - Med   50
    •      EE FIT                                 250
    •      Cash                                   600
  14. JEs for Payroll
    Record payroll taxes and ER's for taxes
    • Payroll Taxes Exp     300
    •      ER FICA Tax Payable SS    150
    •      ER FICA Tax Payable Med    50
    •      FUTA Taxes Payable           25
    •      SUTA Taxes Payable           75

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