Bottom-Up Budgeting Is a Process in Which Lower-Level Managers Anticipate

question 152

True/False

Bottom-up budgeting is a process in which lower-level managers anticipate their departments' resource needs and pass them up to top management for approval.

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Definitions:

SUTA Taxes

State Unemployment Tax Act taxes are state unemployment taxes employers are required to pay to provide funds for paying unemployment compensation to laid-off employees.

Form 1040-ES

A form used by taxpayers, primarily self-employed individuals, to estimate and pay their quarterly taxes to the IRS.

Estimated Payments

Quarterly payments made towards the expected tax liability for the year, common for self-employed individuals or those without sufficient tax withholding.

Form 1040

The standard IRS form that individuals use to file their annual income tax returns.