"Debit" Is the Designation for the Left Side of an Account

question 85

True/False

"Debit" is the designation for the left side of an account, and "credit" is the designation for the right side of an account.

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Definitions:

Form 941

A quarterly federal tax form filed by employers to report income taxes, Social Security tax, or Medicare tax withheld from employees' paychecks, and to pay the employer's portion of Social Security or Medicare tax.

Employee Deductions

Amounts withheld from an employee's paycheck, often for taxes, insurance premiums, retirement contributions, and other benefits.

Form 941

A quarterly federal tax form filed by employers to report income taxes, Social Security tax, or Medicare tax withheld from employee's paychecks.

Form 941 Taxes

Federal tax form used by employers to report quarterly income taxes, social security tax, or Medicare tax withheld from employee's paychecks.