125. Match each of the following terms with the appropriate definitions: 1. A table of amounts of income tax to be withheld from employees' wages. Merit rating 2. A potential...

1. A table of amounts of income tax to be withheld from employees' wages.

Merit rating

2. A potential obligation that depends on a future event arising from a past transaction.

FICA taxes

3. A seller's obligation to repair or replace a product or service that fails to perform as expected within a specified period.

Estimated liability

4. Obligations of a company not requiring payment within one year or the operating cycle, whichever is longer.

Long-term liability

5. Known obligations of an uncertain amount that can be reasonably estimated.

Net pay

6. A number that is used to reduce the amount of federal income tax withheld from an employee's pay.

Wage bracket withholding table

7. A rating assigned to an employer by a state based on the employer's past record regarding stable employment.

Contingent liability

8. Payroll taxes on employers assessed by the federal government to support the federal unemployment insurance program.

Warranty

9. Gross pay less all deductions.

Withholding allowance

10. Taxes assessed on both employer and employees under the Federal Insurance Contributions Act. These taxes fund Social Security and Medicare.

FUTA taxes