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what is federal unemployment taxfederal unemployment tax futa requires the payment of taxes to provide benefits for workers during periods of
define the term- fica tax this is a matching tax paid equally by employee and employer two parts-oasdi and hip current rate for oasdi is 62 on the
difference between debit and creditdebit-used to record employers fica taxes state unemployment taxes and federal unemployment taxes incurred
accounting for payroll employer taxes and reportseveryone who works should have a social security number all employers in this country who have at
explain the term- salaries expense and paymentthe accounting entry for employee earnings and deductions employer is the agent who is responsible for
explain about the payroll registerthis is a summary of gross earnings deductions and net pay for all employees for a specific payroll period register
what is payroll record keeping employer should maintain payroll records which will supply the name social security number address gross earnings for
state and local income taxessome states also withhold state income taxes texas doesnt if state withholds taxes there will be form similar to the
federal income taxexcept specifically exempted all income illegal and legal is subject to personal income tax withholding depends on 1 employees
fica tax social security both the employee and the employer contribute equallyoasdi has a taxable wage base that is the maximum amount of earnings
explain the meaning of payroll deductions there are numerous deductions taken from an employees earnings these are deducted by employer before
process for calculating gross earnings these are employees earnings before any amount is deducted by the employerearnings are calculated either by a
explain the term - overtime paythis means a minimum of one and one-half times the regular rate of pay for all hours worked over 40 during the week
what is the fair labor standard actfair labor standard act wages and hours law establishes standards for minimum wages child labor overtime pay
describe the term in detail payrollpayroll is very vital for all employees employees are under the direct control of employer on a continuing basis
explain the term- reversing entries and interim statementsreversing entries - made the first day of new accounting period they are exact opposite of
determine the concept of closing entries-reid1 close sales account and other income statement accounts with credit balances to income
determine the term - working capital and current ratiodetermining these ratios would help a business determine if will have enough capital to operate
state the term- liabilitiescurrent liability is a debt which is due for payment within one year long-term liability is one not paid in a yearowners
state the classified balance sheetassetscurrent assets are cash and any other assets which are expected to be realized in cash sold used up or expire
the operating expenses sectionoperating expenses - directly associated to the sale of merchandisegeneral expenses administrative expenses related to
determine about the revenue sectionrevenue section provides a figure for net sales which is balance of the sales account less the balances of contra
determine the symbols of net sales for the period- cost of goods sold gross profit- operating expenses
classified income statementit is more involved for a merchandising business to conclude net loss or net income income statement is categorized into
preparing financial statements for a merchandising businessthe statements are completed in this order1 income statement contains only expenses