Income Tax Withholding Chapter 4

Wages and salaries, vacation allowances, supplemental payments, bonuses and commissions, taxable fringe benefits, tips, cash awards

Additional employee benefits paid for by the employer

<p>Allows employers to use any basis as the time period for payment of noncash fringe benefits</p> Signup and view all the answers

<p>Services provided at no additional cost, qualified employee discounts, working condition fringes, use of on-premises athletic facilities, reduced tuition for education, job-placement assistance</p> Signup and view all the answers

<p>Any property or service the value of which is so small that accounting for it would be unreasonable or impractical</p> Signup and view all the answers

<p>Hours worked, gross receipts, good faith agreement</p> Signup and view all the answers

<p>An employer's reimbursement plan requiring documentation for expenses</p> Signup and view all the answers

<p>An employer's business expense reimbursement plan that does not meet certain requirements</p> Signup and view all the answers

<p>Withholdings from gross pay that reduce the amount of pay subject to federal income tax</p> Signup and view all the answers

<p>An employee benefit program that allocates a certain amount of money to each employee to spend on benefits</p> Signup and view all the answers

<p>Accident and health insurance, health savings account, group-term life insurance, dependent care assistance</p> Signup and view all the answers

<p>Transportation fringe benefits, educational assistance, scholarships and fellowship grants</p> Signup and view all the answers

<p>Employee-controlled pretax earnings set aside for eligible expenses</p> Signup and view all the answers

<p>A tax-advantaged personal savings account for medical expenses</p> Signup and view all the answers

<p>Individual accounts set up by self-employed individuals for medical expenses</p> Signup and view all the answers

<p>A pension plan that establishes the basis for employer contributions</p> Signup and view all the answers

<p>Accounts allowing employees to contribute from their wages, reducing taxable income</p> Signup and view all the answers

<p>A tax-deferred investment and savings plan acting as a personal pension fund</p> Signup and view all the answers

<p>A plan for employees of tax-exempt organizations</p> Signup and view all the answers

<p>A plan for employees of state and local governments and certain non-profits</p> Signup and view all the answers

<p>A plan for small employers allowing employee contributions towards retirement</p> Signup and view all the answers

<p>A qualified retirement plan providing individuals a deferred federal income tax benefit</p> Signup and view all the answers

<p>A personal savings plan with tax-free earnings, not tax-deductible contributions</p> Signup and view all the answers

<p>An allowance claimed on Form W-4 used to calculate income tax withholding</p> Signup and view all the answers

<p>A deduction allowed in computing taxable income, also known as a personal exemption</p> Signup and view all the answers

<p>Allowance claimed by employees so wages below income tax level are not withheld</p> Signup and view all the answers

<p>Used to compute the amount of income tax to withhold from employees' wages</p> Signup and view all the answers

<p>Withholding Certificate for Pension or Annuity Payments</p> Signup and view all the answers

<p>Request for Federal Income Tax Withholding From Sick Pay</p> Signup and view all the answers

<p>Voluntary Withholding Request for federal income tax on government payments</p> Signup and view all the answers

<p>A method using Tables of Allowance Values and Percentage Method Withholding Table</p> Signup and view all the answers

<p>A method to determine withholding from an employee's gross pay based on wage-bracket tables</p> Signup and view all the answers

<p>An amount used to reduce an individual's adjusted gross income for tax computation</p> Signup and view all the answers

<p>Method estimating an employee's average wages for tax withholding purposes</p> Signup and view all the answers

<p>Method of determining withholding by multiplying one payroll period's wages by the number of periods in the year</p> Signup and view all the answers

<p>A method for calculating the withholding of federal income tax from an employee's pay</p> Signup and view all the answers

<p>Additional compensation such as vacation pay, bonuses, and commissions</p> Signup and view all the answers

<p>An IRS-approved formula to determine taxable gross payment</p> Signup and view all the answers

<p>A form showing gross earnings, FICA taxes withheld, and income taxes withheld</p> Signup and view all the answers

<p>A summary of the income earned during the year and the taxes withheld</p> Signup and view all the answers

<p>Corrected Wage and Tax Statement</p> Signup and view all the answers

<p>Transmittal of Wage and Tax Statements for verifying W-2s</p> Signup and view all the answers

<p>Transmittal of Corrected Wage and Tax Statements</p> Signup and view all the answers

<p>Employer's Tax Guide sent out prior to the new year</p> Signup and view all the answers

<p>Used to report compensation paid to individuals who are not employees</p> Signup and view all the answers

<p>Annual Summary and Transmittal of U.S. Information Returns</p> Signup and view all the answers

<p>Required withholding from an investment account due to failure to provide a tax ID number</p> Signup and view all the answers

<p>Annual Return of Withheld Federal Income Tax for non-payroll items</p> Signup and view all the answers

<p>Application for Filing Information Returns Electronically</p> Signup and view all the answers

<p>Full taxation, leftover taxation, reciprocity</p> Signup and view all the answers

<p>Both resident's state and work state calculate taxes without any credits</p> Signup and view all the answers

<p>Pay full tax to the work state, then pay the rest to the resident state</p> Signup and view all the answers

<p>Withhold only for the work state or resident state depending on agreements</p> Signup and view all the answers

<p>Used to report wages paid and state tax withheld during the reporting period</p> Signup and view all the answers

<p>Compares total amount of state tax paid with amounts declared withheld</p> Signup and view all the answers

<p>Given to employees showing amount of wages paid during the year and state tax withheld</p> Signup and view all the answers

<p>Used to report payments to individuals not subject to withholding</p> Signup and view all the answers

<p>Periodic withholding returns, reconciliation returns, annual statements, information returns</p> Signup and view all the answers