Payroll Accounting
accrued payroll - correct answer would be wages, salaries, commissions, bonuses, and the related
payroll taxes and benefits that have been earned by a company's employees, but have not yet been paid
or recorded in the company's accounts.
Allowance Method - correct answer A method of accounting for bad debts that involves estimating
uncollectible accounts at the end of each period.The adjustment has the effects of reducing assets and
increasing expenses
Circular E. - correct answer The form that helps you know ahead of time how much money will be taken
out of your check if you claim Single and 0
IRS Publication 15, Employer's Tax Guide. This publication contains the basic rules, guidelines, and
instructions for withholding, depositing, reporting, and paying federal employment taxes.
cumulative earnings - correct answer any preferred dividends not paid in previous periods must be paid
before common dividends can be distributed
Retained Earnings
ERISA - correct answer Employee Retirement Income Security Act
- sets standards to ensure plans are able to be maintained by employees
federal income taxes withheld - correct answer pay as you earn taxation
If homeowners/taxpayers itemize deductions rather than claiming the standard deduction on their tax
returns they may deduct: mortgage interest, loan origination fees, and property taxes. Some interest on
home equity loans are NOT deductible.
FICA - correct answer Federal Insurance Contributions Act
taxes that fund Social Security and Medicare
FIT - correct answer
accrued payroll - correct answer would be wages, salaries, commissions, bonuses, and the related
payroll taxes and benefits that have been earned by a company's employees, but have not yet been paid
or recorded in the company's accounts.
Allowance Method - correct answer A method of accounting for bad debts that involves estimating
uncollectible accounts at the end of each period.The adjustment has the effects of reducing assets and
increasing expenses
Circular E. - correct answer The form that helps you know ahead of time how much money will be taken
out of your check if you claim Single and 0
IRS Publication 15, Employer's Tax Guide. This publication contains the basic rules, guidelines, and
instructions for withholding, depositing, reporting, and paying federal employment taxes.
cumulative earnings - correct answer any preferred dividends not paid in previous periods must be paid
before common dividends can be distributed
Retained Earnings
ERISA - correct answer Employee Retirement Income Security Act
- sets standards to ensure plans are able to be maintained by employees
federal income taxes withheld - correct answer pay as you earn taxation
If homeowners/taxpayers itemize deductions rather than claiming the standard deduction on their tax
returns they may deduct: mortgage interest, loan origination fees, and property taxes. Some interest on
home equity loans are NOT deductible.
FICA - correct answer Federal Insurance Contributions Act
taxes that fund Social Security and Medicare
FIT - correct answer
