A Start-Up Never Has Existing Employee Problems,debts,lawsuits,contracts,or Other Legal Commitments

question 75

True/False

A start-up never has existing employee problems,debts,lawsuits,contracts,or other legal commitments that must be satisfied.

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Definitions:

Journal Entries

The recording of financial transactions and events in the books of accounts, in chronological order, detailing the financial effects of business transactions and events.

Payroll Tax Expense

Taxes that are levied on an employer based on the wages and salaries paid to employees.

FICA-OASDI

Refers to the Social Security portion of the Federal Insurance Contributions Act tax, funding Social Security retirement, disability, and survivor benefits.

FICA-OASDI

The Federal Insurance Contributions Act tax for Old-Age, Survivors, and Disability Insurance, which funds Social Security.