obligations due within one year or the company's operating cycle, whichever is longer.
obligations not due to be paid within one year or the operating cycle, whichever is longer
obligations of a company with little uncertainty; set by agreements, contracts, or laws
Short-term Note Payable
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.
The total compensation an employee earns including wages, salaries, commissions, bonuses, and any compensation earned before deductions such as taxes.
gross pay less all deductions.
amounts withheld from an employee's gross pay, either required or voluntary.
Federal Insurance Contributions Act (FICA) Taxes
Taxes assessed on both employers and employees; for Social Security and Medicare programs.
Reflects a company's stability or instability in employing workers.
Current Portion of Long-term Debt
refers to that part of long-term debt due within one year or the operating cycle.
a known obligation that is of an uncertain amount but that can be reasonably estimated.
payments to employees for nonworking hours and to insurance and retirement programs
A potential obligation that depends on a future event arising from a past transaction or event.
Times Interest Earned
= income before interest expense and income taxes / interest expense
Employer's Quarterly Federal Tax Return
Federal Depository Banks
Bank authorized to accept deposits of amounts payable to the federal government.
Employer's Annual Federal Unemployment (FUTA) Tax Return
form given to each employee at the end of the year and contains a summary of the income you earned for the year and all amount the employer withheld
shows the pay period dates, hours worked, gross pay, deductions, and net pay of each employee for each employee for each pay period.
Employee Earnings Report
A cumulative record of an employee's hours worked, gross earnings, deductions, and net pay.
provides the information needed to determine the amount to withhold from your check
Wage Bracket Withholding Table
Table of the amounts of income tax withheld from employee's wages
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.
Deferred Income Tax Liability
expected to be paid in future but b/c of tax laws is not due in current accounting period
State Unemployment Taxes (SUTA)
State payroll taxes on employers to support its unemployment programs.
A seller's obligation to replace or correct a product (or service) that fails to perform as expected within a specified period.
Federal Unemployment Taxes (FUTA)
payroll taxes on employers assessed by the federal government to support its unemployment insurance program