Please Define the Following Key Terms

question 14

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Torah

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Definitions:

Salaries Payable

An account that records the amounts owed to employees for work performed that has not yet been paid.

Social Security Tax

A tax that both employers and employees pay to fund the Social Security program, which provides benefits for retirees, disabled workers, and survivors.

Unfunded Pension Liability

The gap between the projected benefits of a pension plan and the assets available to fund those benefits.

Pension Rights

The entitlements that employees accumulate over time that entitle them to receive benefits from a pension plan upon retirement.