An Employer Files Form 941 on Either a Quarterly Basis

question 34

True/False

An employer files Form 941 on either a quarterly basis or when they deposit payroll taxes,whichever is more frequent.

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Definitions:

Gross Profit

The difference between sales revenue and the cost of goods sold before accounting for administrative and selling expenses.

Units

A measure of quantity or amount in accounting, production, or inventory management, often used to quantify items, products, or resources.

After-tax Income

The amount of income left after all federal, state, and withholding taxes have been deducted.

Tax Rate

The rate at which taxes are levied on the income of a person or company.