- C1 Liabilities
- Obligations to transfer assets or provide services to another party in the future.
- C1 Current liabilities
- Obligations due within one year or the operating cycle, whichever is longer.
- C1 Long-term liabilities
- Obligations not due within one year or the operating cycle.
- C1 Known liabilities
- Obligations set by agreement or law, with both the amount and the payee certain.
- C1 Estimated liabilities
- Obligations known to exist but whose exact amount cannot be known with certainty until later.
- C1 Contingent liability
- A potential obligation that depends on a future event arising from a past transaction.
- C1 Accounts payable
- Amounts owed to suppliers for products or services bought on credit.
- C2 Sales taxes payable
- Sales tax collected from customers on behalf of the government, owed until remitted.
- C2 Unearned revenues
- Cash received before the related products or services are delivered; a liability until earned.
- P2 Short-term note payable
- A written promise to pay a specified amount, due within one year.
- C1 Current portion of long-term debt
- The part of a long-term liability due to be paid within the next year, reclassified as current.
- P1 Payroll
- The amounts paid to employees for their work, along with the related deductions and employer costs.
- P1 Gross pay
- Total compensation earned by an employee before any deductions.
- P1 Net pay
- Gross pay minus all deductions; the amount an employee actually receives.
- P1 Payroll deductions (withholdings)
- Amounts subtracted from an employee's gross pay for taxes, insurance, and other obligations.
- P1 Federal Insurance Contributions Act (FICA) taxes
- Social Security and Medicare taxes, withheld from employees and matched by employers.
- P1 Social Security taxes
- A FICA tax funding retirement, disability, and survivor benefits.
- P1 Medicare taxes
- A FICA tax funding hospital insurance for the elderly and disabled.
- P1 Federal income taxes withheld
- An employee's estimated income tax liability, withheld from each paycheck by the employer.
- P1 Federal Unemployment Tax Act (FUTA)
- A federal unemployment tax paid entirely by the employer, never withheld from employees.
- P1 State Unemployment Tax Act (SUTA)
- A state unemployment tax paid entirely by the employer, never withheld from employees.
- P1 Form W-4
- An employee's certificate specifying withholding allowances for federal income tax.
- P1 Form W-2
- An annual statement of an employee's wages and taxes withheld during the year.
- P1 Form 941
- An employer's quarterly federal tax return reporting withheld income tax and FICA taxes. [book?] — check this edition's exact form references.
- P1 Payroll register
- A record summarizing the payroll for every employee for a pay period. [book?] — check this edition’s exact terminology.
- P1 Employee earnings report
- A cumulative record of each employee's pay and withholdings across the year. [book?] — check this edition's exact terminology.
- P1 Employee benefits
- Additional compensation, beyond wages, provided to employees — insurance, retirement, and similar programs.
- P1 Vacation benefits
- Paid time off employees earn as they work, estimated and accrued as a liability.
- P1 Bonus plans
- Additional employee compensation tied to performance, often estimated and accrued as a liability.
- A1 Warranty
- A seller's promise to repair or replace a product that proves defective within a specified period.
- A3 Times interest earned
- Income before interest expense and income taxes, divided by interest expense; a measure of how easily interest is covered.