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What is an informal workplace rule? Give an example.
Wages and Salaries Payable
Liabilities for wages and salaries that have been earned by employees but have not yet been paid.
Federal Income Taxes Payable
The amount of income tax that a company or individual owes to the federal government and has not yet paid.
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.
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