The Two Forms of Government-Backed Assistance That Prospective U

question 8

True/False

The two forms of government-backed assistance that prospective U.S.exporters can draw on to help finance their export programs are financing aid from the Export-Import Bank and export credit insurance from the Foreign Credit Insurance Association.

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Definitions:

FIT Payable

Federal Income Tax Payable, a liability account that represents the amount of federal taxes a company or individual owes to the tax authorities.

FUTA Payable

The liability account for the federal unemployment tax that employers must pay on behalf of their employees.

SUTA Payable

The liability account used to record the amounts owed by an employer for state unemployment taxes.

Payroll Tax Expense

Expenses that a business incurs to cover government taxes on employee wages, including social security and Medicare taxes in the United States.