Which of the Following Deposit Requirements Pertains to a Semiweekly

question 64

Multiple Choice

Which of the following deposit requirements pertains to a semiweekly depositor who has accumulated employment taxes of $17,500 on payday, Saturday, May 16, 20--?

• A) No deposit is required until May 18, the next banking day.
• B) The undeposited taxes should be carried over to the next payday on May 23.
• C) The taxes must be deposited on or before Tuesday, May 19.
• D) The taxes must be deposited on or before Friday, May 22.
• E) None of the above.

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Definitions:

Invoice Date

The date marked on an invoice which indicates when it was issued.

Sales

The transactions between a company and its customers involving the exchange of goods or services for payment.

Monthly Sales

The total revenue generated from goods sold or services rendered by a company during a one-month period.

Security for a Loan

Collateral or assets pledged by a borrower to secure a loan, providing a lender assurance of repayment.