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7 Cards in this Set

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  • Back
Gross Pay
Total wages or salaries paid to emplyee
Three ways withholding effects the employer
1it reduces cash paid to employee 2 creates a current liability 3 it requires the employer to remit the withheld taxes to the federal and state govt. by specific deadlines
Payroll withholding includes
Employee portion of both social security tax and medicare tax. Federal income tax. State income tax. Court ordered withholdings. Other withholdings
FICA
Social Security and Medicare Tax
Social Security
Its withheld from the emplyees salary or wages and is matched by a contribution from the employer
What is the employers responsibility of Social Security?
It must match the amount taken from its employees paycheck and then must send both amounts to the Fed Govt by specific dates.
Social Security how it affects accounting books.
Is both a withholding from an employee and employer expense.