The Form That Employers Use to Report Their Quarterly Federal

question 26

Multiple Choice

The form that employers use to report their quarterly Federal income tax liability is ________.

• A)Form 940
• B)Form 944
• C)Form 943
• D)Form 941

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Definitions:

Purchase Returns

Goods returned to the supplier due to defects, damage, or dissatisfaction, resulting in a refund or credit to the buyer.

Freight-In

Costs associated with the shipping of raw materials or goods into a production facility or warehouse, typically included in the inventory cost.

Inventory Decreased

A situation where the quantity of goods available for sale by a business is reduced, typically because of sales or use.

Purchases

The total amount of goods and materials acquired by a business for resale or production within an accounting period.