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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

The form also known as the Wage and Tax Statement is __________.

  1. a. Form 941
  2. b. Form 940
  3. c. the State Income Reporting Form
  4. d. Form W-3
  5. e. Form W-2

To determine

 State the form that is also termed as Wage and Tax Statement.

Explanation

Payroll:

Payroll refers to the total amount that is required to be paid by the company to its employees during a week, month or other period. It is the financial record of the wages and bonus, net pay, salary and deductions of a company’s employees.

Justification for the incorrect answer:

Option a:

Form 941 deals with employer’s quarterly federal tax return which must be filed by the employer with the IRS (Internal Revenue Service) at the end of the month following the each calendar quarter.

Option b:

Form 940 is used to report the employer’s federal unemployment tax liability and the payments during the particular calendar year. This from is prepared once in a year with a due date on January 31 following the close of the calendar year.

Option c:

The state income reporting form does not represent the wage and tax statement...

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