Word Scramble for...
If you have difficulty answering the following questions, learn more about this topic by reading our Explanation of Payroll Accounting.
|1.||FICA consists of taxes for Social Security and ___________.||DERMICEA||MEDICARE|
|2.||FICA taxes are paid by both the employee and the _________________.||YRMPEOEL||EMPLOYER|
|3.||State and federal _______________ taxes are not withheld from employees' wages.||TPNYEOMUMLEN||UNEMPLOYMENT|
|4.||The ________ unemployment tax is 0.6% of each employee's first $7,000 of annual wages.||LEERDAF||FEDERAL|
|5.||An employee's hourly pay rate multiplied by the hours worked equals the employee's _______ wages.||ORSGS||GROSS|
|6.||A person who performs a service for a company but is not the company's employee is referred to as an _________________ contractor.||ENPNNIDDEET||INDEPENDENT|
|7.||Amounts withheld from an employees' wages are reported as current ___________ until they are remitted.||IBTLISEIALI||LIABILITIES|
|8.||Generally, employers with hourly paid employees will have to prepare an ____________ entry to accrue wages.||NUTSAGIJD||ADJUSTING|
|9.||To achieve the matching principle, fringe benefits are best expensed in the period in which the employee has _________ them.||DEANER||EARNED|
|10.||The accrual of wages and fringe benefits will credit a ___________ account.||BIAYIITLL||LIABILITY|
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