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17 Cards in this Set
- Front
- Back
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EMPLOYEE BENEFITS
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Additional compensation paid to or on behalf of employees, such as premiums for medical insurance and contributions to pension plans.
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WARRANTY
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A seller's obligation to repair or replace a product or service that fails to perform as expected within a specified period
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TIMES INTEREST EARNED
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Income before interest expense and income taxes divided by interest expense.
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PAYROLL BANK ACCOUNT
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A special bank account used solely for paying employees; each pay period an amount equal to the total employees' net pay is deposited and the employees' payroll checks are drawn on that account.
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GROSS PAY
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Total compensation earned by an employee.
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CURRENT LIABILITIES
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Obligations due within one year or the company's operating cycle, whichever is longer.
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PAYROLL REGISTER
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A record for a pay period that shows the pay period dates, regular and overtime hours worked, gross pay, net pay and deductions
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DEFERRED INCOME TAX LIABILITY
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Payments of income taxes that are deferred until future years because of temporary differences between GAAP and tax accounting rules.
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SHORT TERM NOTE PAYABLE
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A written promise to pay a specified amount on a definite future date within one year or the company's operating cycle, whichever is longer.
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NET PAY
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Gross pay less all deductions.
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WITHHOLDING ALLOWANCE
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A number that is used to reduce the amount of federal income tax withheld from an employee's pay.
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LONG TERM LIABILITY
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Obligations of a company not requiring payment within one year or the operating cycle, whichever is longer.
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MERIT RATING
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A measure that reflects a company's stability in employing workers
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FUTA TAXES
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Payroll taxes on employers assessed by the federal government to support the federal unemployment insurance program
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ESTIMATED LIABILITY
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Known obligations of an uncertain amount that can be reasonably estimated
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FICA TAXES
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Taxes assessed on both employer and employees under the Federal Insurance Contributions Act. These taxes fund Social Security and Medicare.
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CONTINGENT LIABILITY
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A potential obligation that depends on a future event arising from a past transaction.
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