Payroll Taxes, Deposits, and Reports FLASHCARDS

1. Payroll Taxes, Deposits, and ReportsFLASHCARDS

2. Experience rating system Experience rating system A system that rewards an employer for maintaining steady employment conditions by reducing the firm’s state unemployment tax rate

3. Unemployment insurance program Unemployment insurance program A program that provides unemployment compensation through a tax levied on employers

4. Withholding statement Withholding statement Preprinted government form that contains information about an employee’s earnings and tax withholdings for the year

5. Employer's Annual Federal Unemployment Tax Return, Form 940 Employer's Annual Federal Unemployment Tax Return, Form 940 Preprinted government form used by the employer to report unemployment taxes for the calendar year

6. EFTPS EFTPS A system for electronically depositing employment taxes using a telephone or a computer

7. For additional reinforcement of accounting terms, visit the crossword puzzle on this Web site.