Which of the Following Payroll Items Is Not Reflected on the Income

question 40

Multiple Choice

Which of the following payroll items is not reflected on the income statement?

• A)Salaries and wages expense
• B)Payroll taxes expense
• C)Health insurance expense
• D)Federal withholding tax payable

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Definitions:

Fluctuating

Experiencing frequent, irregular changes in level, quantity, or value.

Negotiable Instruments

Financial documents that promise payment to the holder under specific conditions, including checks, promissory notes, and bills of exchange.

Lex Mercatoria

Lex Mercatoria, also known as the law merchant, is a body of commercial law used by merchants throughout Europe during the medieval period, forming the basis of modern commercial law.

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A segment of the financial market where commercial banks and other institutions lend and borrow short-term, high-quality debt securities.