Exam 15: Personal Taxes, Payroll, and Financial Statements

____________________ is the act of lessening the value of an item as it wears out.

____________________ ____________________ tax is money withheld from each employee's paycheck by the employer during the year for the purpose of paying the employee's state income tax at the end of the calendar year.

Find the break-even point, and tell whether the business is making a profit or a loss. Jim's tavern did $75,000 in sales. Their variable cost was 40% of the total sales, and the fixed costs were $22,000.

The letters FICA stand for the _____, which became law in 1935.

____________________ ____________________ ____________________ calculates the level of economic activity where the operation neither makes a profit nor incurs a loss.

Find the break-even point, and tell whether the business is making a profit or a loss. Bob's diner did $125,000 in sales. Their variable cost was 65% of the total sales, and the fixed costs were $50,000.

The term ____________________ means "that which is paid or received for services" and includes salaries, commissions, fees, bonuses, tips, and so forth.

The contribution rate percentage is calculated by dividing the contribution rate by the ____________________.

Occupational expenses, also called the cost of ownership, are those that continue whether or not the restaurant is operating.

There are two major _____ that must be prepared and are essential to the operation of a business: the profit and loss (income) statement, sometimes referred to as the P&L sheet, and the balance sheet.