Match each of the following terms with the appropriate definitions.

A. Payroll taxes on employers assessed by the federal government to support the federal unemployment insurance program.
B. Taxes that fund Social Security and Medicare, assessed on both employer and employees under the Federal Insurance Contributions Act.
C. A potential obligation that depends on a future event arising from a past transaction.
D. Obligations of a company requiring payment in more than one year or operating cycle.
E. A table of amounts of income tax to be withheld from employees' wages.
F. Known obligations of an uncertain amount that can be reasonably estimated.
G. Gross pay less all tax and voluntary deductions.
H. A measure provided by a state to employers that reflects a company's stability in employing workers.
I. A number indicated on an employee's Form W-4 that is used to reduce the amount of federal income tax withheld from an employee's pay.
J. A seller's obligation to replace or correct a product or service that fails to perform as expected within a specified period.


A. FUTA taxes
B. FICA taxes
C. Contingent liability
D. Long-term liability
E. Wage bracket withholding table
F. Estimated liability
G. Net pay
H. Merit rating
I. Withholding allowance
J. Warranty

Business

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Answer the following statement true (T) or false (F)

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Equipment, Salary Payable and Office Furniture have normal balances of:

A) credit, credit, and credit, respectively. B) debit, credit, and debit, respectively. C) debit, debit, and credit, respectively. D) credit, debit, and debit, respectively.

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