Kent Weston Wrote a Check for $500 Payable to the Order

question 8

Multiple Choice

Kent Weston wrote a check for $500 payable to the order of Chester Jones.Chester indorsed the back of the check as follows: "Chester Jones." The check is now

• A)order paper.
• B)bearer paper.
• C)a cashier's check.
• D)special paper.

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Definitions:

Income Tax Withholdings

Taxes an employer deducts from employees' wages and pays directly to the government as a part of employees' income tax obligations.

IRS

The Internal Revenue Service, a U.S. government agency responsible for the collection of taxes and enforcement of tax laws.

Estimated Payments

Estimated Payments are periodic prepayments of taxes on income that is not subject to withholding, such as self-employment income, interest, and dividends.

Subject to Withholding

Income that is subject to tax withholding by the payer, which includes wages, certain types of gambling winnings, and other payments.