Flashcards

QBO Chapter 8 Key Terms

QUINLAN WILSON Accounting Information Systems Design & Analysis Accountant English 7 cards

Cards in this deck (7)

1Employeeshired by a business with the business paying wages, salary, payroll taxes, and employee benefits, such as health insurance
2Contractorspaid a contracted fee, a fee specified by a contract. The business does not pay payroll taxes or additional benefits.
3Federal Form 940Employer's Annual Federal Unemployment (FUTA) Tax Return.
This form summarizes the amount of unemployment tax paid and due by the employer.
4Federal Form 941Employer's Quarterly Federal Tax Return.
Filed with the IRS, this form summarizes the amount of federal income tax, Social Security, and Medicare withheld from employee paychecks for the quarter.
5Federal Form 944Employer's Annual Federal Tax Return.
Filed with the IRS, this form summarizes the amount of federal income tax, Social Security, and Medicare withheld from employee paychecks for the year.
6Form W-2Wage and Tax Statement.
Before the end of January, an employer must provide W-2s to employees that summarize amounts paid for salaries, wages, and withholdings for the year.
7Form W-3Transmittal of Wage and Tax Statements.
Filed with the Social Security Administration, this form is a summary of the employer's W-2 forms.