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

question 45

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:

Product Markets

Markets where final goods or services are bought and sold, as opposed to factor markets where raw materials, labor, and capital are traded.

Entrepreneur

A person who organizes, manages, and assumes the risks of a firm, taking a new idea or a new product and turning it into a successful business.

Monopolist

An individual or entity that holds exclusive control over the supply of a particular good or service, potentially manipulating market conditions.

Consuming Units

Entities, typically individuals or households, that use goods and services for personal needs or wants.