Net Pay Equals

question 117

Multiple Choice

Net pay equals:

• A)gross pay less all deductions.
• B)regular earnings + overtime earnings.
• C)gross earnings.
• D)net earnings + overtime earnings greater than the amount withheld from the employee.

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Definitions:

Sales Taxes Payable

Liability accounts that record the sales tax collected from customers on behalf of governmental authorities, to be paid in the future.

Cash Sales

Sales transactions where payment is made in cash at the time of purchase, without any delay.

Sales Taxes

Taxes imposed by governments on the sale of goods and services, typically calculated as a percentage of the sales price.