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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.
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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.
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W-4
- EE Withholding Allowance Certificate.
- Shows EE wh allowances, used to calc fed income tax.
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Form SS-4
- For a business to request an EIN.
- Asks genl info on business:
- name,
- location,
- main activity,
- estim # EE.
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FUTA
- Fedl Unemployment Tax
- Only on first $7000 earned by each EE.
- Only ER pays.
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SUTA
- State Unemployment Tax
- Only on first $7000 earned by each EE.
- Only ER pays.
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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.
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Form 8109
- Fedl Tax Deposit Coupon.
- Send with $$ for monthly income tax & deductions.
- Can deposit by this form or electronically.
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Form 941
- ER Quarterly Fed Tax Return.
- ER Fedl income tax wh,
- SS (EE + ER),
- Medicare (EE + ER).
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Form W-2
- Wage and Tax Statement
- ER provides to each EE at year end.
- Has wages, FICA, income tax wh.
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Form W-3
- Transmittal of Wage & Tax Statement
- Reports total wage and wh info for all EEs.
- Due at year end.
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Form 940
Annual Fedl Unemployment Tax Return
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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
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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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