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