Obligation to make a future payment if, and only if, an uncertain future event occurs.
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.
Additional compensation paid to or on behafe of employees, such as premiums for medical, dental, life, and disability insurance, and contributions to pension plans.
Employee Earnings Report
Record of an employee's net pay, gross pay, deductions, and year-to-date payroll information.
Obligation of an uncertain amount that can be reasonably estimated.
Federal Depository Bank
Bank authorized to accept deposits of amounts payable to the federal government.
Federal Insurance Contributions Act (FICA) Taxes
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.
IRS form used to report an employer's federal unemployment taxes (FUTA) on an annual filing basis.
IRS form filed to report FICA taxes owed and remitted.
Annual report by an employer to each employee showing the employee's wages subject to FICA and federal income taxes along with amounts withheld.
Withholding allowance certificate, filed with the employer, identifying the number of withholding allowances claimed.
Total compensation earned by an employee.
Obligations of a company with little uncertainty; set by agreements, contracts, or laws; also called "definitely determinable liabilities".
Obligations not due to be paid within one year or the operating cycle, whichever is longer.
Rating assigned to an employer by a state based on the employer's record of employment.
Gross pay less all deductions; also called "take-home pay".
Payroll Bank Account
Bank account used solely for paying employees; each pay period an amount equal to the total employees' net pay is deposited in it and the payroll checks are drawn on it.
Amounts withheld from an employees gross pay; also called "withholdings".
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.
Time Interest Earned
Ratio 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.
Agreement that obligations the seller to correct or replace a product or service within a specified period.