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Payroll Taxes, Deposits, and Reports

Chapter. 11. Payroll Taxes, Deposits, and Reports. Section 1: Social Security, Medicare, and Employee Income Tax. Section Objectives. Explain how and when payroll taxes are paid to the government. Compute and record the employer’s social security and Medicare taxes.

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Payroll Taxes, Deposits, and Reports

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  1. Chapter 11 Payroll Taxes, Deposits, and Reports Section 1: Social Security, Medicare, and Employee Income Tax Section Objectives • Explain how and when payroll taxes are paid to the government. • Compute and record the employer’s social security and Medicare taxes. • Record deposit of social security, Medicare, and employee income taxes. • Prepare an Employer’s Quarterly Federal Tax Return,Form 941. • Prepare Wage and Tax Statement (Form W-2) and Annual Transmittal of Wage and Tax Statements (Form W-3).

  2. Objective 5 Prepare Wage and Tax Statement (Form W-2) and Annual Transmittal of Wage and Tax Statements (Form W-3).

  3. Wage and Tax Statement, Form W-2

  4. QUESTION: What is Form W-2? ANSWER: Form W-2 is a Wage and Tax Statement. It contains information about an employee’s earnings and tax withholdings for the year.

  5. Wage and Tax Statement, Form W-2 20,800.00 988.00 20,800.00 1,289.60 Kent Furniture and Novelty Co. 5910 Lake June Road Dallas, TX 75232 20,800.00 301.60 Alicia Martinez 1712 Windmill Hill Lane Dallas, TX 75232 12-9876500 20,800.00

  6. Annual Transmittal of Wage and Tax Statements, Form W-3

  7. QUESTION: What is Form W-3? ANSWER: Form W-3 is the Transmittal of Wage and Tax Statements. It is a preprinted government form submitted with Forms W-2 to the Social Security Administration.

  8. Transmittal of Wage and Tax Statements, Form W-3 116,870.00 8,060.00 116,870.00 7,246.20 116,870.00 1,694.16 Kent Furniture and Novelty Co. 5910 Lake June Road Dallas, TX 75232 The amounts on Form W-3 must equal the sums of the amounts on the attached Forms W-2. Sarah Kent 972-709-4567 972-709-4567 Sarah Kent

  9. R E V I E W SECTION Complete the following sentences: Electronic Federal Tax Payment System (EFTPS) The __________________________________________ is a system for electronically depositing employment taxes using a telephone or a computer . The employer is required to match the employee’s _____________ and ________ taxes. social security Medicare lookback period The ______________ is the four-quarter period ending on June 30 of the preceding year.

  10. R E V I E W SECTION Complete the following sentences: Employer’s Quarterly Federal Tax Return, Form 941 The ____________________________________________ is a preprinted government form used by the employer to report payroll tax information relating to social security, Medicare, and employee income tax withholding to the Internal Revenue Service. Transmittal of Wage and Tax statements, Form W-3 The ____________________________________________ is a preprinted government form submitted with Forms W-2 to the Social Security Administration. Wage and Tax Statement, Form W-2 The _______________________________ is a preprinted government form that contains information about an employee’s earnings and tax withholdings for the year.

  11. Thank You for using College Accounting, 11th Edition Price • Haddock • Brock

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