Examlex
The following are the steps in the accounting cycle. List them in the order in which they are completed:
Prepare adjusted trial balance
Post transactions
Prepare an unadjusted trial balance
Journalize transactions
Prepare the financial statements
Close the temporary accounts
Adjust the ledger accounts
Prepare a post-closing trial balance
Analyze transactions
FICA Taxes
Taxes imposed by the Federal Insurance Contributions Act on both employees and employers to fund Social Security and Medicare.
Federal Withholding
The process by which an employer withholds a portion of an employee's income to cover federal income taxes.
COBRA Premium Assistance
COBRA Premium Assistance refers to a subsidy for the health insurance premiums under the Consolidated Omnibus Budget Reconciliation Act, providing temporary continuation of health coverage at group rates.
Form 941-X
A form used by employers to correct mistakes made on a previously filed Form 941, which reports quarterly federal tax returns.
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