Where can I get official information for federal payroll taxes? Author: Harold Averkamp, CPA, MBA For official information on federal payroll taxes we recommend the Internal Revenue Service Publication 15 which is known...
Where can I get official information for federal payroll taxes? Author: Harold Averkamp, CPA, MBA For official information on federal payroll taxes we recommend the Internal Revenue Service Publication 15 which is known...
A publication by the U.S. Internal Revenue Service (IRS) to assist employers with federal payroll taxes. The complete title of the publication is Publication 15 (Circular E), Employer’s Tax Guide. It is available...
A publication by the U.S. Internal Revenue Service (IRS) to assist employers with federal payroll taxes. The complete title of the publication is Publication 15 (Circular E), Employer’s Tax Guide. It is available...
A publication by the U.S. Internal Revenue Service (IRS) to assist employers with federal payroll taxes. The complete title of the publication is Publication 15 (Circular E), Employer’s Tax Guide. It is available...
A publication by the U.S. Internal Revenue Service (IRS) to assist employers with federal payroll taxes. The complete title of the publication is Publication 15 (Circular E), Employer’s Tax Guide. It is available...
What is the employer matching of FICA? Author: Harold Averkamp, CPA, MBA Definition of FICA FICA is the acronym for Federal Insurance Contributions Act, which requires employers to withhold the following from each...
Our Explanation of Payroll Accounting discusses the taxes and benefits which are withheld from employees' pay as well as the taxes and benefits that are expenses for the employers. Also provided are examples of the...
Our Explanation of Payroll Accounting discusses the taxes and benefits which are withheld from employees' pay as well as the taxes and benefits that are expenses for the employers. Also provided are examples of the...
How do you determine whether a person is an independent contractor or an employee? Author: Harold Averkamp, CPA, MBA To assist you in determining whether someone is an independent contractor or an employee, you should...
Our Explanation of Payroll Accounting discusses the taxes and benefits which are withheld from employees' pay as well as the taxes and benefits that are expenses for the employers. Also provided are examples of the...
Our Explanation of Payroll Accounting discusses the taxes and benefits which are withheld from employees' pay as well as the taxes and benefits that are expenses for the employers. Also provided are examples of the...
Employer payroll taxes include an employer’s portion of Social Security and Medicare taxes and the state and federal unemployment taxes.
What is the employer's Social Security tax rate for 2022 and 2023? Author: Harold Averkamp, CPA, MBA Employer’s Social Security Payroll Tax for 2022 The employer’s Social Security payroll tax rate for 2022 (January 1...
A tax status allowed by the U.S. Internal Revenue Service.
A liability account that reports amounts received in advance of providing goods or services. When the goods or services are provided, this account balance is decreased and a revenue account is increased. To learn more,...
What is Subchapter S? Author: Harold Averkamp, CPA, MBA Subchapter S refers to a section of Chapter 1 of the U.S. Internal Revenue Code. A subchapter S corporation, which is also referred to as an S corporation, is a...
What is FICA? Author: Harold Averkamp, CPA, MBA Definition of FICA FICA is the acronym for Federal Insurance Contributions Act. FICA consists of the U.S. Social Security payroll tax and the Medicare payroll tax. The FICA...
What is the difference between Social Security and Medicare payroll taxes? Author: Harold Averkamp, CPA, MBA Social Security Payroll Tax The Social Security payroll tax is 6.2% and is based on each employee’s earnings...
What is the FUTA tax? Author: Harold Averkamp, CPA, MBA Definition of FUTA Tax FUTA is the acronym for the Federal Unemployment Tax Act and is associated with a federal payroll or employment tax paid solely by the...
Payroll Accounting Quiz and Test | AccountingCoach Payroll Accounting(Practice Quiz) Download PDF Author: Harold Averkamp, CPA, MBA For multiple-choice and true/false questions, simply press or click on what you think is...
What is the annual wage limit? Author: Harold Averkamp, CPA, MBA Definition of Annual Wage Limit Annual wage limit is a payroll accounting term that is associated with the Social Security payroll tax. (The annual wage...
Federal government securities with a fixed interest rate and maturing in 10 years or less.
Federal government securities sold at a discount (because of no interest payments) with maturity dates of less than one year.
Federal government securities with a fixed interest rate and maturing in more than 10 years.
What is the maximum amount of earnings subject to the Social Security tax in 2022 and 2023? Author: Harold Averkamp, CPA, MBA 2022 Annual Earnings Limit for Social Security Payroll Tax The maximum amount of an...
Where do you account for payroll taxes on the income statement? Author: Harold Averkamp, CPA, MBA Definition of Payroll Taxes Payroll taxes are based on the wages (salaries, commissions, bonuses, etc.) of a company’s...
What is the employee's Social Security tax rate for 2022 and 2023? Author: Harold Averkamp, CPA, MBA Social Security Payroll Tax for 2022 The employee’s Social Security payroll tax rate for 2022 (January 1 through...
A reference used to indicate the combination of the Social Security tax and the Medicare tax. For the year 2024, the employee’s portion of the FICA tax is 7.65% (the Social Security tax of 6.2% plus the Medicare...
One component of the FICA tax (the other component is Social Security). This payroll tax is withheld from employees’ payroll checks and is also matched by the employer. The employee and the employer each pay the...
What is the self-employed person's FICA tax rate for 2022 and 2023? Author: Harold Averkamp, CPA, MBA 2022 FICA Tax Rate for Self-Employed The self-employed person’s FICA tax rate for 2022 (January 1 through December...
Our Explanation of Payroll Accounting discusses the taxes and benefits which are withheld from employees' pay as well as the taxes and benefits that are expenses for the employers. Also provided are examples of the...
Our Explanation of Payroll Accounting discusses the taxes and benefits which are withheld from employees' pay as well as the taxes and benefits that are expenses for the employers. Also provided are examples of the...
What are payroll taxes? Author: Harold Averkamp, CPA, MBA Definition of Payroll Taxes The payroll taxes are the federal, state, and local taxes that pertain to the wages, salaries, commissions, bonuses, etc. of a...
One component of the payroll tax referred to as FICA. (The other component of the FICA tax is the Medicare tax.) The Social Security tax is levied by the U.S. government on both the employee and the employer. In 2024 the...
Are payroll withholding taxes an expense or a liability? Author: Harold Averkamp, CPA, MBA Definition of Payroll Withholding Taxes Payroll withholding taxes are amounts withheld from employees’ wages and salaries. The...
A measurement of financial performance of a company’s operating division that is not responsible for its financing and income taxes. The calculation is likely to be 1) the division’s operating income before...
A person who is considered to be both the employer and the employee. For example, the sole owner of a sole proprietorship is self-employed.
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