Question
Below in the left-hand column is a list of terms associated with payroll. Correctly match each term with the correct definition from the list in
Below in the left-hand column is a list of terms associated with payroll. Correctly match each term with the correct definition from the list in the right-hand column.
1. | The Employer's Annual Federal Unemployment (FUTA) Tax Return reports wages and taxes due under Federal Unemployment Tax Act (FUTA). It is filed with the IRS on an annual basis and is due one month after the end of each tax year. |
2. | The Employer's Quarterly Federal Tax Return reports the total federal income taxable wages, Social Security and Medicare wages, the associated federal income, Social Security, and Medicare taxes withheld from employees by the employer, and the employer portion of the Social Security and Medicare taxes. It is filed with the IRS on a quarterly basis and is due one month after the end of each quarter (e.g., quarter ending March 31 is due April 30). |
3. | A subtraction from net pay. |
4. | The total pay received by the employee before taxes and deductions are removed. This includes the base pay plus any additional earnings (ex. bonuses, vacation pay, commissions, etc.). |
5. | This is the amount the employee receives after taxes and deductions are calculated and subtracted from earnings. |
6. | Hours posted for hours worked above a standard work week (usually 40), usually paid at 1.5 times the normal pay rate. |
7. | A statement of an individual's annual wages and taxes provided by an employer that must be included with the employee's federal, state, and city income tax returns. |
8. | A government form used to indicate the number of personal exemptions an employee wishes to claim. |
9. | Is a transmittal form with totals for all parts of Form W-2. Each year, It is sent to the Social Security Administration along with the W-2. |
10. | Is a tax used to fund social security. It is an employee withholding tax and an employer payroll tax. |
11. | A withholding tax levied against employees. |
12. | Is a tax consisting of Social Security and Medicare taxes levied against employers and employees. |
13. | Provides medical benefits for certain individuals when they reach age 65. Workers, retired workers, and the spouses of workers and retired workers are eligible to receive Medicare benefits upon reaching age 65. The tax is divided between the employer and employee. |
14. | a federal law that sets guidelines for the administration of unemployment compensation programs. All liable employers pay a federal tax to fund administration of State and Federal unemployment insurance programs. These monies are also used to fund extended benefits. |
15. | a tax imposed by states on employers that provides unemployment benefits paid to eligible claimants. |
Match the number
Deduction | |
W-2 | |
Net Pay | |
Medicare | |
Federal Insurance Contribution Act (FICA) | |
W-3 | |
State Unemployment Tax or (SUTA) | |
Gross Earnings | |
Social Security (OASDI) | |
Overtime Hours | |
W-4 | |
Federal Income Tax (FIT) | |
Federal Unemployment Tax Act (FUTA) | |
Form 941 | |
Form 940 |
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