Payroll Accounting (Word Scramble)

1. FICA consists of taxes for Social Security and ___________.

2. FICA taxes are paid by both the employee and the _________________.

3. State and federal _______________ taxes are not withheld from employees' wages.

4. The ________ unemployment tax is often a net rate of 0.6% of each employee's first $7,000 of annual wages.

5. An employee's hourly pay rate multiplied by the hours worked equals the employee's _______ wages.

6. A person who performs a service for a company but is not the company's employee is referred to as an _________________ contractor.

7. Amounts withheld from an employees' wages are reported as current ___________ until they are remitted.

8. Generally, employers with hourly paid employees will have to prepare an ____________ entry to accrue wages.

9. To achieve the matching principle, fringe benefits are best expensed in the period in which the employee has _________ them.

10. The accrual of wages and fringe benefits will credit a ___________ account.