Kylie Works for a Company in Which a Union Is

question 102

True/False

Kylie works for a company in which a union is recognized as the bargaining agent for the workers who perform her type of job. However, under the arrangements at her company, Kylie is not required to join the union, nor is she required to pay any fees or dues to the union. Kylie works under an agency shop agreement.

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Definitions:

Deferred Tax Assets

Assets on a company's balance sheet that may be used to reduce future tax liability resulting from temporary timing differences between accounting and tax treatments.

Current Tax Liabilities

Taxes owed to the government within the current fiscal year.

Temporary Difference

Refers to the differences that arise between the tax base of an asset or liability and its carrying amount in the financial statements, which will result in taxable or deductible amounts in future years.

Interest On Municipal Bonds

The periodic payments made to investors of municipal bonds, often exempt from federal and sometimes state and local taxes.