(A)Identify Three Taxes Commonly Paid by Employers on Employees' Salaries

question 243

Essay

(a)Identify three taxes commonly paid by employers on employees' salaries and wages.
(b) Where in the financial statements does the employer report taxes withheld from employees' pay?

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Definitions:

Needy Families

Refers to households with insufficient income or resources to maintain an adequate standard of living without external assistance.

Supplemental Security Income

A United States government program providing financial assistance to elderly, blind, or disabled individuals.

Disabled

Individuals having a physical or mental condition that significantly limits their movements, senses, or activities.

Labor Earnings

Income received by workers for their labor or services, typically measured in terms of wages, salaries, or commissions.