Hospitals,colleges and Universities,voluntary Health and Welfare Organizations,and Other Not-For-Profit Organizations

question 55

True/False

Hospitals,colleges and universities,voluntary health and welfare organizations,and other not-for-profit organizations all follow the same standards for recognition of revenues and expenses.

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Definitions:

FICA

The Federal Insurance Contributions Act tax, which funds Social Security and Medicare, requiring both employer and employee contributions.

Form 941

A quarterly federal tax form filed by employers to report income taxes, social security tax, or Medicare tax withheld from employees' paychecks.

Form 940

A tax form filed by employers with the IRS to report annual Federal Unemployment Tax Act (FUTA) tax.

Employer's Payroll Tax Expense

Taxes that an employer is responsible for paying on behalf of its employees, such as social security and Medicare taxes.