Employers' Responsibilities for Payroll Include

question 178

Multiple Choice

Employers' responsibilities for payroll include:

• A) Providing each employee with an annual report of his or her wages subject to FICA and federal income taxes along with the amount of these taxes withheld.
• B) Filing Form 941, the Employer's Quarterly Federal Tax Return.
• C) Filing Form 940, the Annual Federal Unemployment Tax Return.
• D) Maintaining individual earnings records for each employee.
• E) All of these.

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Definitions:

Accounts Receivable

Due payments from customers to a firm for products or services that have been delivered but not settled.

Sales Discounts

Reductions in the selling price offered to customers, often as an incentive to either pay early or promote sales volume.

Freight

The charge paid for the transport of goods by sea, air, or land, typically from the supplier to the receiver, influencing the cost of goods sold and inventory valuations.

Discount Period

The time frame in which a payment can be made at a discounted price, usually before a specified due date.