Match the accounting terms with the description by entering the proper letter in the space provided.A. Commission basisK. Payroll registerB. Compensation record L. Piece-rate basisC. EmployeeM. Salary basisD. Employee's withholdingN. Social Security Act allowance certificate (Form W-4)O. Social Security (FICA) TaxE. Exempt employeesP. State unemployment taxesF. Federal unemployment taxesQ. Tax-exempt wagesG. Hourly rate basisR. Time and a halfH. Independent contractorS. Wage-bracket table methodI. Individual earnings recordT. Workers' compensation insuranceJ. Medicare tax?_____ 1. A tax imposed by the Federal Insurance Contributions Act and collected on employee earnings to provide retirement and disability benefits_____ 2. A method of paying employees according to a percentage of
net sales_____ 3. A method of paying employees according to an agreed-upon amount for each week or month_____ 4. An employee record that contains information needed to compute earnings and complete tax reports_____ 5. A federal act providing certain benefits for employees and their families; officially the Federal Insurance Contributions Act_____ 6. Earnings in excess of the base amount set by the Social Security Act_____ 7. A method of paying employees according to a stated rate per hour_____ 8. Salaried employees who hold supervisory or managerial positions who are not subject to the maximum hour and overtime pay provisions of the Wage and Hour Law_____ 9. Another name for individual earnings record_____ 10. Insurance that protects employees against losses from job-related injuries or illnesses, or compensates their families if death occurs in the course of the employment_____ 11. Rate of pay for an employee's work in excess of 40 hours a week_____ 12. A person who is hired by and works under the control and direction of the employer_____ 13. A tax levied on employees and employers to provide medical care for the employee and the employee's spouse after each has reached age 65_____ 14. A record of payroll information for each employee for the pay period _____ 15. A form used to claim exemption (withholding) allowances_____ 16. One who is paid by a company to carry out a specific task or job but is not under the direct supervision or control of the company_____17. Taxes levied by a state government against employers to benefit unemployed workers_____ 18. A method of paying employees according to the number of units produced_____ 19. Taxes levied by the federal government against employers to benefit unemployed workers_____ 20. A simple method to determine the amount of federal income tax to be withheld using a table provided by the government
What will be an ideal response?
(1) O, (2) A, (3) M (4) I, (5) N, (6) Q, (7) G, (8) E, (9) B, (10) T, (11) R, (12) C, (13) J, (14) K, (15) D, (16) H, (17) P, (18) L, (19) F, (20) S
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If the amount assigned to ending inventory is incorrect,
a. The balance sheet is affected, but the income statement is not. b. The income statement is affected, but the balance sheet is not. c. The balance sheet is affected, but cost of goods sold is not. d. Both the balance sheet and the income statement are affected.
All of the following statements are true except:
a. U.S. standards do not require a classified balance sheet. b. IFRS require companies to present classified balance sheets. c. Under IFRS, an unclassified balance sheet based on the order of liquidity is acceptable only when it provides more reliable information than a classified one. d. U.S. standards require a classified balance sheet with liabilities in order by size or by order of liquidity.
Suppose that the production of a $30,000 automobile in Canada requires $10,000 worth of steel. The Canadian nominal tariff rates for importing these goods are 25 percent for automobiles and 10 percent for steel. Given this information, the effective rate of protection for the Canadian automobile industry is approximately
a. 15 percent. b. 32 percent. c. 48 percent. d. 67 percent.
What is packaging? How does it vary during a product/service's lifecycle?
What will be an ideal response?