An employer who is subject to FUTA must file form 940  with the federal government. Normally, the form must be filed by February 1 ; however if all deposits are made on a timely basis, the form may be filed by February 10 . The total taxable wages are computed by deducting  exempt payments and wages paid to each employee in excess of _____________ from  the total wages paid during the year.

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Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.