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ACCT110 Ch 11

Current Liabilities and Payroll Accounting

TermDefinition
Contingent liability Obligation to make a future payment if, and only if, an uncertain future event occurs.
Current liabilities Obligations due to be paid or settled within one year or the company's operating cycle, whichever is longer.
Current portion of long-term debt Portion of long-term debt due within one year or the operating cycle, whichever is longer; reported under current liabilities.
Deferred income tax liability Corporation income taxes that are deferred until future years because of temporary differences between GAAP and tax rules.
Employee benefits Additional compensation paid to or on behalf of employees, such as premiums for medical, dental, life, and disability insurance.
Employee earnings report Record of an employee's net pay, gross pay, deductions, and year-to-date payroll information.
Estimated liability Obligation of an uncertain amount that can be reasonably estimated.
Federal depository bank Bank authorized to accept deposits of amounts payable to the the federal government.
Federal Insurance Contributions Act (FICA) Taxes assessed on both employers and employees; for Social Security and Medicare programs.
Federal Unemployment Taxes (FUTA) Payroll taxes on employers assessed by the federal government to support its unemployment insurance program.
Form 940 IRS form used to report an employer's federal unemployment taxes (FUTA) on an annual filing basis.
Form 941 IRS form filed to report FICA taxes owed and remitted.
Form W-2 Annual report by an employer to each employee showing the employee's wages subject to FICA and federal income taxes along with amounts withheld.
Form W-4 Withholding allowance certificate, filed with the employer identifying the number of withholding allowances claimed.
Gross pay Total compensation earned by an employee.
Known liabilities Obligations of a company with little uncertainty; set by agreements, contracts, or laws; also called definitely determinable liabilities.
Long-term liabilities Obligations not due to be paid within one year or the operating cycle, whichever is longer.
Merit rating Rating assigned to an employer by a state based on the employer's record of employment.
Net pay Gross pay less all deductions; also called take-home pay.
Payroll bank account Bank account used solely for paying employees; each pay period and amount equal to the total employees' net pay is deposited in it and the payroll checks are drawn on it.
Payroll deductions Amounts withheld from an employee's gross pay; also called withholdings.
Payroll register Record for a pay period that shows the pay period dates, regular and overtime hours worked, gross pay, net pay, and deductions.
Short-term note payable Current obligation in the form of a written promissory note.
State Unemployment Taxes (SUTA) State payroll taxes on employers to support its unemployment programs.
Times interest earned Ration of income before interest expense (and any income taxes) divided by interest expense; reflects risk of covering interest commitments when income varies.
Wage bracket withholding table Table of the amounts of income tax withheld from employees' wages.
Warranty Agreement that obligates the seller to correct or replace a product or service when it fails to perform properly within a specified period.
Created by: slk
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