Solved

Match Each of the Following Terms with the Appropriate Definitions

Question 189

Matching

Match each of the following terms with the appropriate definitions.

Premises:

Responses:

Wage bracket withholding table

Taxes assessed on both employer and employees under the Federal Insurance Contributions Act. These taxes fund Social Security and Medicare

Merit rating

A number that is used to reduce the amount of federal income tax withheld from an employee's pay

Long-term liability

Payroll taxes on employers assessed by the federal government to support the federal unemployment insurance program

Warranty

Obligations of a company not requiring payment within one year or the operating cycle, whichever is longer

Contingent liability

A seller's obligation to repair or replace a product or service that fails to perform as expected within a specified period

FUTA taxes

A rating assigned to an employer by a state based on the employer's past record regarding stable employment

Estimated liability

A potential obligation that depends on a future event arising from a past transaction

Withholding allowance

Gross pay less all deductions

Net pay

A table of amounts of income tax to be withheld from employees' wages

FICA taxes

Known obligations of an uncertain amount that can be reasonably estimated

Premises:

Wage bracket withholding table

Merit rating

Long-term liability

Warranty

Contingent liability

FUTA taxes

Estimated liability

Withholding allowance

Net pay

FICA taxes

Responses:

Taxes assessed on both employer and employees under the Federal Insurance Contributions Act. These taxes fund Social Security and Medicare

A number that is used to reduce the amount of federal income tax withheld from an employee's pay

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

A seller's obligation to repair or replace a product or service that fails to perform as expected within a specified period

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

Gross pay less all deductions

A table of amounts of income tax to be withheld from employees' wages

Known obligations of an uncertain amount that can be reasonably estimated

Correct Answer:

Premises:

Responses:

Wage bracket withholding table

Merit rating

Long-term liability

Warranty

Contingent liability

FUTA taxes

Estimated liability

Withholding allowance

Net pay

FICA taxes

Related Questions

Q190: Gross pay less all deductions is called

Q190: Match the following definitions with the appropriate

Q191: Classify each of the following items

Q192: Classify each of the following items

Q193: Match each definition with its term

Q194: Match each definition with its term

Q196: A _ shows the pay period dates,

Q203: A _ is a seller's obligation to

Q205: To compute the amount of tax withheld

Q206: Companies with many employees often use a

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

Scan the QR code to install the App and get 2 free unlocks

Unlock quizzes for free by uploading documents