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Acctng Crossword

Terms in this set (31)

If a company's financial statements are prepared as of the last day of the calendar month and the hourly paid employees are paid weekly, it is likely the company will need to ______________ wages expense and wages payable as of the last day of the calendar month.
accrue
Worker _________________ insurance covers work-related injuries.
compensation
Deductions from employees' gross salaries and wages.
withholdings
Hours in excess of 40 per week.
overtime
A term associated with the compensation earned by an executive or manager.
salary
The tax withheld from employees and not matched by the employer is the federal ___________ tax.
income
Unemployment compensation is administered primarily by the ___________ governments.
state
A guaranteed bonus based on sales is best recorded as an expense and a liability when it is ___________ by employees rather than when it is paid to the employees.
earned
Withholdings from employees for a portion of the cost of health insurance will likely be ____________ to health insurance expense.
credited
This represents both Social Security and Medicare taxes. (acronym)
FICA
A person providing services to a company who is not deemed to be an employee of the company is referred to as an _____________________ contractor.
independent
The acronym for the official title of the Social Security system.
OASDI
A court-ordered withholding from an employee's salary or wages.
garnishment
The _________ unemployment tax usually ends up to be 0.6% of each employee's first $7,000 of annual wages and/or salaries.
federal
This payroll tax is paid entirely by the employer.
unemployment
Employers withholding large amounts of federal income taxes and FICA taxes must ________ them to the government within a few days after payday.
remit
The employer must remit ______ times the amount required to be withheld from employees for Medicare taxes.
two
Health insurance benefits provided to retirees are part of _______-retirement benefits.
post
If a company accrues vacation expense when it is earned by an employee, the account to be debited when the employee takes the vacation is Vacation _____________.
payable
Accruing vacation expense when it is earned by an employee instead of recording the expense when the vacation is taken is an application of the _______________ principle.
matching
Overtime hours are usually compensated at time and one _________.
half
________ salary or wages is the amount an employee earns before deductions are made for payroll taxes and other items.
gross
A person paid in this manner will receive 26 paychecks per year.
biweekly
A term associated with the compensation received by employees paid by the hour.
wages
Payroll withholdings are classified as ______________ liabilities.
current
The payroll tax of 1.45% that is withheld from the employees' entire salary and/or wages and is also matched by the employer.
medicare
In 2020 the Social ___________ tax is withheld from employees at the rate of 6.2% on the first $137,700.
security
__________-paid employees usually receive their paychecks approximately five days after the work period ends.
hourly
A person paid in this manner will receive 24 paychecks per year.
semimonthly
The amount a person 'clears' on their paycheck is the employee's ____ pay.
net
The additional 50% that employers pay when employees work more than 40 hours in one week is known as the overtime ______________.
premium
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