If on Any Day During the Month,an Employer Accumulates $100,000

question 59

Multiple Choice

If on any day during the month,an employer accumulates $100,000 or more in tax liability,the taxes must be deposited:

• A)Before the close of the business day on which the liability occurs.
• B)By the last day of the month if the employer is a monthly schedule depositor.
• C)By either the following Wednesday or Friday if the employer is a semiweekly schedule depositor.
• D)By the next banking day.

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Definitions:

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life, reflecting wear and tear or obsolescence.

Cash Paid

The total amount of currency that an entity disburses in exchange for goods or services or to settle debts.

Suppliers

Entities or individuals that provide goods or services to another entity, typically in a commercial transaction.

Income Tax Expense

The amount of money a company owes in taxes based on its taxable income for a given period.