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9 Cards in this Set

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  • Back
Short-Term Note Payable
Promissory note payable due within one, year a common form of financing.
Current Portion of Long-Term Debit
Amount of the principle that is payable within one year. Also called current maturity.
Accrued Expense
An expense that the business has not yet paid. Also called accrued liability.
Payroll
A major expense. Also called employee compensation.
Gross Pay
Total amount of salary, wages, commissions, or any other employee compensation before taxes and other deductions.
Net Pay
Gross pay minus all deductions. The amount of compensation that the employee actually takes home.
Withheld Income Tax
Income tax deducted from employees' gross pay.
Social Security Tax
Federal Insurance Contributions Act (FICA) tax, which is withheld from emoployees' pay. Also called FICA tax.
Unemployment Compensation Tax
Payroll tax paid by employers to the government, which uses the money to pay unemployment benefits to people who are out of work.