Examlex
What was the concept that Thomas and Chess proposed in 1956?
FUTA Tax Payable
A liability representing the federal unemployment tax that employers must pay on behalf of their employees to the IRS.
Payroll Tax Expense
The cost incurred by employers for taxes assessed on employee wages, including social security and medicare taxes.
Payroll Checking
A dedicated bank account used by businesses specifically for managing and issuing payroll to employees.
Contra-Asset
An account on the balance sheet that reduces the value of an associated asset, such as accumulated depreciation.
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