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7 Cards in this Set
- Front
- Back
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Gross Pay
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Total wages or salaries paid to emplyee
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Three ways withholding effects the employer
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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
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Payroll withholding includes
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Employee portion of both social security tax and medicare tax. Federal income tax. State income tax. Court ordered withholdings. Other withholdings
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FICA
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Social Security and Medicare Tax
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Social Security
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Its withheld from the emplyees salary or wages and is matched by a contribution from the employer
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What is the employers responsibility of Social Security?
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It must match the amount taken from its employees paycheck and then must send both amounts to the Fed Govt by specific dates.
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Social Security how it affects accounting books.
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Is both a withholding from an employee and employer expense.
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