BUSINESS HIGH SCHOOL ACCOUNTING I

1. BUSINESSHIGH SCHOOL ACCOUNTING I FICA Taxes Salaries Expense Employer’s Payroll Taxes Journalizing and Posting Payroll Transactions Payroll Liabilities and Tax Records Chapter 13 Payroll Tax Expenses Federal and State Unemployment Taxes Payroll Liabilities Form 8109 Form W2 Tax Reports Forms 940 & 941 • Accounting 1 Essential Learning Expectations-Chapter 13: • Employers pay taxes on employees’ gross earnings, which are recorded in the Payroll Tax Expense account. • Total Gross Earnings are recorded in the Salaries Expense account. • Amounts withheld from employees’ earnings are recorded as liabilities. • A business is legally required to make various reports to different government agencies at specified time intervals using a variety of payroll-related tax forms. • Content Vocabulary: • Electronic Federal Tax Payment System • Unemployment Taxes