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Which of the following is FALSE about the SOAP method?
Fiscal Year
A 12-month period used for accounting and reporting purposes, which may or may not align with the calendar year.
Payroll Taxes
Taxes that are withheld from employees’ salaries or wages by the employer and paid directly to the government. These can include income tax, social security, and Medicare taxes.
Federal Income Taxes
Federal income taxes are the taxes levied by the federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.
Maximum Amount
The highest allowable or attainable value, level, or quantity of something.
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