Question 54 (5 points) Match each of the following terms with the appropriate definitions. e. Gross pay a. Employee benefits b. Short-term note payable c. Warranty d. Current liabilities Liabilities due within one year or the company's 1. operating cycle, whichever is longer A seller's obligation to replace or fix a product or service 2. that fails to perform as expected within a specified period. 3. Total compensation earned by an employee. Compensation provided to employees beyond salaries 4. and wages, such as premiums for medical insurance and contributions to pension plans A written promise to pay a specified amount on a stated 5. future date within one year or the company's operating cycle, whichever is longer. Question 55 (6 points) Match each of the following terms a through with the appropriate definitions 1-10. a. FUTA taxes b. Long-term liability c. Estimated liability d. Net pay e. Warranty f. FICA taxes Taxes that fund Social Security and Medicare, assessed 1. on both employer and employees under the Federal Insurance Contributions Act. Known obligations of an uncertain amount that can be 2. reasonably estimated. Obligations of a company requiring payment after one year or operating cycle if longer. 4. Gross pay less all tax and voluntary deductions. 3. A seller's obligation to replace or fix a product or 5. service that fails to perform as expected within a specified period. Payroll taxes on employers assessed by the federal 6. government to support the federal unemployment insurance program