Matching
Match each of the following terms with the appropriate definitions:
Premises:
Taxes assessed on both employer and employees under the Federal Insurance Contributions Act. These taxes fund Social Security and Medicare.
Payroll taxes on employers assessed by the federal government to support the federal unemployment insurance program.
Obligations of a company not requiring payment within one year or the operating cycle, whichever is longer.
Known obligations of an uncertain amount that can be reasonably estimated.
A seller's obligation to repair or replace a product or service that fails to perform as expected within a specified period.
Gross pay less all deductions.
A rating assigned to an employer by a state based on the employer's past record regarding stable employment.
A potential obligation that depends on a future event arising from a past transaction.
A number that is used to reduce the amount of federal income tax withheld from an employee's pay.
A table of amounts of income tax to be withheld from employees' wages.
Responses:
Net pay
FUTA taxes
Warranty
Wage bracket withholding table
Merit rating
Contingent liability
Long-term liability
FICA taxes
Withholding allowance
Estimated liability
Correct Answer:
Premises:
Responses:
Taxes assessed on both employer and employees under the Federal Insurance Contributions Act. These taxes fund Social Security and Medicare.
Payroll taxes on employers assessed by the federal government to support the federal unemployment insurance program.
Obligations of a company not requiring payment within one year or the operating cycle, whichever is longer.
Known obligations of an uncertain amount that can be reasonably estimated.
A seller's obligation to repair or replace a product or service that fails to perform as expected within a specified period.
Gross pay less all deductions.
A rating assigned to an employer by a state based on the employer's past record regarding stable employment.
A potential obligation that depends on a future event arising from a past transaction.
A number that is used to reduce the amount of federal income tax withheld from an employee's pay.
A table of amounts of income tax to be withheld from employees' wages.
Premises:
Taxes assessed on both employer and employees under the Federal Insurance Contributions Act. These taxes fund Social Security and Medicare.
Payroll taxes on employers assessed by the federal government to support the federal unemployment insurance program.
Obligations of a company not requiring payment within one year or the operating cycle, whichever is longer.
Known obligations of an uncertain amount that can be reasonably estimated.
A seller's obligation to repair or replace a product or service that fails to perform as expected within a specified period.
Gross pay less all deductions.
A rating assigned to an employer by a state based on the employer's past record regarding stable employment.
A potential obligation that depends on a future event arising from a past transaction.
A number that is used to reduce the amount of federal income tax withheld from an employee's pay.
A table of amounts of income tax to be withheld from employees' wages.
Responses:
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