Matching
Match each of the following terms a through j with the appropriate definitions1 through 10.
Premises:
A table of amounts of income tax to be withheld from employees' wages.
Payroll taxes on employers assessed by the federal government to support the federal unemployment insurance program.
A number that is used to reduce the amount of federal income tax withheld from an employee's pay.
A seller's obligation to repair or replace a product or service that fails to perform as expected within a specified period.
Taxes assessed on both employer and employees under the Federal Insurance Contributions Act.These taxes fund Social Security and Medicare.
Known obligations of an uncertain amount that can be reasonably estimated.
Obligations of a company not requiring payment within one year or the operating cycle,whichever is longer.
Gross pay less all deductions.
A potential obligation that depends on a future event arising from a past transaction.
A measure that reflects a company's stability in employing workers.
Responses:
Wage bracket withholding table
Long-term liability
Net pay
Warranty
FICA taxes
Withholding allowance
Estimated liability
Merit rating
Contingent liability
FUTA taxes
Correct Answer:
Premises:
Responses:
A table of amounts of income tax to be withheld from employees' wages.
Payroll taxes on employers assessed by the federal government to support the federal unemployment insurance program.
A number that is used to reduce the amount of federal income tax withheld from an employee's pay.
A seller's obligation to repair or replace a product or service that fails to perform as expected within a specified period.
Taxes assessed on both employer and employees under the Federal Insurance Contributions Act.These taxes fund Social Security and Medicare.
Known obligations of an uncertain amount that can be reasonably estimated.
Obligations of a company not requiring payment within one year or the operating cycle,whichever is longer.
Gross pay less all deductions.
A potential obligation that depends on a future event arising from a past transaction.
A measure that reflects a company's stability in employing workers.
Premises:
A table of amounts of income tax to be withheld from employees' wages.
Payroll taxes on employers assessed by the federal government to support the federal unemployment insurance program.
A number that is used to reduce the amount of federal income tax withheld from an employee's pay.
A seller's obligation to repair or replace a product or service that fails to perform as expected within a specified period.
Taxes assessed on both employer and employees under the Federal Insurance Contributions Act.These taxes fund Social Security and Medicare.
Known obligations of an uncertain amount that can be reasonably estimated.
Obligations of a company not requiring payment within one year or the operating cycle,whichever is longer.
Gross pay less all deductions.
A potential obligation that depends on a future event arising from a past transaction.
A measure that reflects a company's stability in employing workers.
Responses:
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