FIT Payable Is a Liability Account Used to Record Employees

question 29

True/False

FIT Payable is a liability account used to record employees' withheld federal income tax and also the employer's match of that tax.

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Definitions:

Administrative Costs

Expenses related to the general administration of a business, such as salaries of non-production employees, office supplies, and utilities.

Productivity

The measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs.

Family-friendly

Policies or practices that are considerate of and supportive towards employees' family commitments, enabling better work-life balance.

Alienating

Creating a feeling of estrangement or detachment among individuals or within a group, often leading to a sense of isolation or disconnection.