QBO Chapter 8 Key Terms

Question	Answer
Employees	hired by a business with the business paying wages, salary, payroll taxes, and employee benefits, such as health insurance
Contractors	paid a contracted fee, a fee specified by a contract. The business does not pay payroll taxes or additional benefits.
Federal Form 940	Employer's Annual Federal Unemployment (FUTA) Tax Return. This form summarizes the amount of unemployment tax paid and due by the employer.
Federal Form 941	Employer'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.
Federal Form 944	Employer'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.
Form W-2	Wage 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.
Form W-3	Transmittal of Wage and Tax Statements. Filed with the Social Security Administration, this form is a summary of the employer's W-2 forms.

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	Created by QUINLAN WILSON over 1 year ago