Accounting Vocab Chapter 13

The expense account used to record employees’ earnings.

• Wages Expense
• Payroll Cost
• Employee Earnings
• Salaries Expense

Taxes collected to provide funds for workers who are
temporarily out of work; usually paid only by the employer
(FUTA and SUTA).

• Sales taxes
• Income taxes
• Property taxes
• Unemployment taxes

Law that requires employers to pay unemployment taxes to
the federal government.

• Federal Unemployment Tax Act (FUTA)
• Federal Unemployment Compensation Act (FUCA)
• State Unemployment Tax Act (SUTA)
• National Unemployment Insurance Act (NUIA)

Law that requires employers to pay employment taxes
to individual states.

• State Unemployment Tax Act (SUTA)
• State Workers' Compensation Insurance
• State Disability Insurance (SDI)
• Federal Unemployment Tax Act (FUTA)

The expense account used to record the employer’s payroll taxes (FICA, FUTA, SUTA).

• Tax Payable Expense
• Employer Taxes Payable
• Tax Liability Expense
• Payroll Taxes Expense

Federal Deposit Tax Coupon; form sent with payment for FICA and federal income taxes or federal unemployment taxes.

• Form 8109
• Form 8106
• Form 8107
• Form 8108

System used by large businesses to deposit tax payments by electronic funds transfer.

• Electronic Federal Tax Payment Service (EFTPS)
• Electronic Federal Tax Payment System (EFTPS)
• Electronic Federal Tax Payment Solution (EFTPS)
• Electronic Federal Tax Payment System (EFTS)

Wage and Tax Statement; form that summarizes an employee’s earnings and amounts withheld for federal, state, and local taxes.

• W-9 form
• W-4 form
• 1099 form
• W-2 form

Transmittal of Wage and Tax Statements; summarizes the
information contained on the employees’ Forms W-2 and
accompanies the Forms W-2 sent to the federal government.

• Wage and Tax Summary
• Tax Return Form
• Employee Benefits Statement
• W-3

Employer’s Quarterly Federal Tax Return; form used to report accumulated amounts of FICA and federal income tax withheld from employees’ earnings for the quarter, as well as FICA tax
owed by the employer.

• Form 940
• Form 941
• Form 944
• Form 943