Match Each of the Following Terms a Through J with the Appropriate

question 107

Short Answer

Match each of the following terms a through j with the appropriate definitions 1 - 10.
a. FUTA taxes
b. Contingent liability
c. Merit rating
d. Long-term liability
e. Estimated liability
f. Net pay
g. Wage bracket withholding table
h. Warranty
i. Withholding allowance
j. FICA taxes
_____ 1. A measure provided by a state to employers that reflects a company's stability in employing workers.
_____ 2. Taxes that fund Social Security and Medicare, assessed on both employer and employees under the Federal Insurance Contributions Act.
_____ 3. Known obligations of an uncertain amount that can be reasonably estimated.
_____ 4. Obligations of a company requiring payment in more than one year or operating cycle.
_____ 5. Gross pay less all tax and voluntary deductions.
_____ 6. A table of amounts of income tax to be withheld from employees' wages.
_____ 7. A potential obligation that depends on a future event arising from a past transaction.
_____ 8. A seller's obligation to replace or correct a product or service that fails to perform as expected within a specified period.
_____ 9. 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.
_____ 10. Payroll taxes on employers assessed by the federal government to support the federal unemployment insurance program.

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Definitions:

Right of Redemption

A legal right that allows a borrower to reclaim their property by paying off the full debt after a foreclosure sale.

Repayment

The act of paying back money that was borrowed.

Mortgage

A secured loan where the borrower pledges real estate as collateral to secure repayment to the lender, often used to purchase property.

Security Interest

A legal right granted by a debtor to a creditor over the debtor's property to secure the repayment of a debt or performance of some other obligation.