Specifically Identifiable Intangible Assets Acquired from Others May Have Either

question 36

Short Answer

Specifically identifiable intangible assets acquired from others may have either a(n)____________________ useful life or a(n)____________________ useful life.

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Definitions:

Debt

An amount of money borrowed by one party from another, often for making large purchases that they could not afford under normal circumstances, which needs to be paid back.

FICA

Federal Insurance Contributions Act; a United States federal payroll tax imposed on both employees and employers to fund Social Security and Medicare.

Federal Income Taxes

Taxes imposed by the federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.

Form 941

A U.S. tax form used by employers to report quarterly federal payroll taxes.