Chapter 8 Key Terms

Question	Answer
Employees	Are hired by a business paying wages, salary, payroll taxes and employee benefits, such as health insurance.
Contractors	Are paid a contracted fee, a fee specified by a contract.
Federal Form 940: Employer's Annual Federal Unemployment Tax Return	Summarizes the amount of unemployment tax paid and due by the employer.
Federal Form 941	Summarizes the amount of federal income tax, social security, and Medicare withheld from employee paychecks for the quarter.
Federal Form 944	Summarizes the amount of federal income tax, social security, and Medicare withheld from employees paychecks for the year.
Form W-2	Before the end of January, an employer must provide W-2's to employees that summarize the amounts paid for salaries, wages, and withholdings for the year.
Form W-3	Filed with the social security administration, this form is a summary of the employer's W-2 Forms.

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	Created by Regan Deckinger over 1 year ago