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The case of James Eagan Holmes described in your text highlights the
Federal Income Taxes Payable
A liability account on the balance sheet representing the amount of income taxes a company owes to the government.
State Income Taxes Payable
This is a liability on a company's balance sheet representing the amount of income taxes owed to various state governments.
Payroll Liability Accounts
These accounts on the balance sheet represent obligations related to employee compensation, including taxes withheld, benefits, and wages yet to be paid.
Union Dues Payable
Liabilities recorded on a company's balance sheet for union dues that are owed but not yet paid.
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