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MrRissso [65]
1 year ago
6

Money that your employer holds from your paycheck in order to pay the government taxes is called ___________.

Business
1 answer:
Bingel [31]1 year ago
5 0

Money that your employer holds from your paycheck in order to pay the government taxes is called tax withholding. Taxes are necessary payments made by individuals or businesses to a government agency at any level—local, state, federal, or international.

Taxes are borne by whoever bears the cost of the tax in economics. Whether this is the entity being taxed, such as a business, or the final users of the items produced by the business. Taxes should be taken into consideration from an accounting standpoint, including payroll taxes, federal and state income taxes, and sales taxes. In the United States, federal income taxes are collected by the Internal Revenue Service (IRS).

To learn more about taxes, click here.

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On December 31, management had determined that it would not be able to collect the $1,200 owed to it by one of its customers. On
mario62 [17]

Answer:

a. Journal entries to record the reinstatement of the account receivable

Account Title and Description                           Debit     Credit

Account receivable account                                $600

       Allowance for Doubtful Accounts account                $600

(Reinstatement of the account receivable)

b. Journal entries to record the receipt of cash

Account Title and Description             Debit     Credit

Bank Account                                        $600

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5 0
3 years ago
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lakkis [162]

Answer:

Explanation:

The journal entry is shown below:

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6 0
3 years ago
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Answer:

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Explanation:

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Additional Manufacturing Overhead          <u>$57,000</u>

Total Manufacturing Overhead incurred <u>$242,000</u>

7 0
2 years ago
Laura wants to improve her employees’ engagement. to do so, she should try to increase their
natali 33 [55]
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3 0
3 years ago
Students usually attend a vocational school for _____ years or less.<br> A.1 B.2 C.3 D.4
Olin [163]

Answer:

2

Explanation:

7 0
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