Current Liabilities and Payroll Accounting
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| Bonus | Compensation to management and other personnel, based on factors such as increased sales or the amount of net income.
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| Contingent Liability | A potential liability that may become an actual liability in the future.
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| Current Ratio | A measure of a company's liquidity; computed as current assets divided by current liabilities.
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| Employee Earnings Record | A cumulative record of each employee's gross earnings, deductions, and net pay during the year.
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| Federal Unemployment Taxes | Taxes imposed on the employer by the federal government that provide benefits for a limited time period to employees who lose their jobs.
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| Fees | payments made for the services of professionals.
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| FICA Taxes | Taxes designed to provide workers with supplemental retirement, employment disability, and medical benefits.
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| Full-Disclosure Principle | Requires that companies disclose all circumstances and events that would make a difference to financial statement users.
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| Gross Earnings | Total compensation earned by an employee.
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| Net Pay | Gross earnings less payroll deductions.
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| Notes Payable | Obligations in the form of written promissory notes.
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| Payroll Deductions | Deductions from gross earnings to determine the amount of a paycheck.
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| Payroll Register | A payroll record that accumulates the gross earnings, deductions, and net pay by employee for each pay period.
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| Salaries | Employee pay based on a fixed amount rather than an hourly rate.
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| Statement of Earnings | A document attached to a paycheck that indicates the employee's gross earnings, payroll deductions, and net pay.
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| State Unemployment Taxes | Taxes imposed on the employer by states that provide benefits to employees who lose their jobs.
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| Wage and Tax Statement Form (Form W-2) | A form showing gross earnings, FICA taxes withheld, and income taxes withheld, prepared annually by an employer for each employee.
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| Wages | Amounts paid to employees based on a rate per hour or on a piece-work basis.
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| Working Capital | A measure of a company's liquidity; computed as current assets minus current liabilities.
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| Pension Plan | An agreement whereby an employer provides benefits to employees after they retire.
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| Post-Retirement Benefits | Payments by employers to retired employees for health care, life insurance, and pensions.
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