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Chloe could not remember the name of the husband of a very important client. So Chloe began reciting the alphabet until a letter triggered her memory, and she could remember the name. The letter of the alphabet:
FICA Taxes Payable
Taxes that are due on employee and employer contributions to Social Security and Medicare.
Federal Income Taxes Payable
A liability account on the balance sheet representing the amount of income taxes a company owes to the government.
State Income Taxes Payable
This is a liability on a company's balance sheet representing the amount of income taxes owed to various state governments.
Payroll Liability Accounts
These accounts on the balance sheet represent obligations related to employee compensation, including taxes withheld, benefits, and wages yet to be paid.
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