Definitions
| Term (memorize) | Definition (memorize) |
|---|---|
| Short-Term Note Payable | Promissory note payable due within one year, a common form of financing. |
| Current Portion of Long-Term Debt | Amount of the principal that is payable within one year. Also called current maturity. |
| Accrued Expense | An expense that the business has not yet paid. Also called accrued liability. |
| Payroll | A major expense. Also called employee compensation. |
| Gross Pay | Total amount of salary, wages, commissions, etc before taxes and other deductions. |
| Net Pay | Gross pay minus all deductions |
| Withheld Income Tax | Income tax deducted from employees' gross pay. |
| Social Security Tax | Federal Insurance Contributions Act (FICA), withheld from employees' pay. |
| Unemployment Compensation Tax | Payroll tax paid by employers to the government, used to pay unemployment benefits. |
| Current Liabilities and Payroll | Name of Chapter |
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