Match Each of the Following Terms with the Appropriate Definitions

question 78

Multiple Choice

Match each of the following terms with the appropriate definitions.
-A table of amounts of income tax to be withheld from employees' wages.

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

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Definitions:

Output per Worker

A measure of productivity calculated by dividing total output of goods or services by the number of workers involved in the production.

Productivity of Labor

The measurement of the output produced by employees per unit of input, such as per hour of work.

Diminishing Returns

A principle which states that as more units of a variable input (like labor) are added to fixed inputs (like capital), the additional output from each new unit of input will eventually decrease.

Wage Rates

The fixed amount of compensation paid to employees for their labor, typically measured per hour or piece.