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:

Claim

A statement asserting something to be true, often without providing evidence as proof but typically requiring justification or validation.

Settlement

The resolution or agreement reached between parties in a dispute, often involving the payment or receipt of money without going to trial.

Professional Tone

A manner of communication that is formal, respectful, and suited for business or workplace environments.

Routine, Positive Messages

Messages that are regularly communicated and convey affirmative or positive information.