Examlex
Which one of the following statements is TRUE?
Payroll Taxes Payable
Liabilities owed to tax authorities for employee taxes withheld and employer payroll taxes; to be paid within a specified period.
FUTA Payable
A liability account reflecting the federal unemployment tax due to the government by employers.
Wages and Salaries Expense
The cost incurred by a business to compensate its employees for their work, typically noted in the income statement.
Payroll Tax Expense
Total taxes, both employer and employee portions, associated with wages and salaries, including federal, state, and other payroll taxes.
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