Amounts withheld from employee's earnings for the employee income tax is considered a liability by the employer until the government is paid
What is liability?
Liability means the obligation that one party owes another, whose settlement requires the indebted party to transfer cash or equivalent value of other benefits commensurate to the liability to the other party.
In this case, the employees owe the government income taxes, whereby the employees have discharged the obligation by having the employers deduct them from their earnings.
The onus is now on the employers to make payments in respect of the income taxes withheld to the tax authority, prior to which the taxes are treated as the employer's liability.
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Missing options:
(A) assets. (B) liabilities. (C) salary expense. (D) revenue.
Excavation, Inc., uses explosives to prepare land for construction projects. Strict liability is imposed on this activity because The activity is extremely risky
<h3>Option (C) is correct.</h3>
<u>Explanation:</u>
Excavation activity is an extremely risky activity. This activity has many accidents associated with it. every year many people die or get injured in accidents related to excavation. So due to the high risk associated with this strict liability is imposed on this activity.
Risks associated with excavation are explosion, gas escape, flooding, etc. Other dangers like hazardous atmospheres, the possibility of fatal accidents, Falling loads can also be there. These dangers are sudden and fail to give time to workers to escape. So before undertaking such activity permission must be obtained from the government.
Answer:
c. $(143,000)
Explanation:
The Jinkerson Corporation is considering to discontinue the product U23N. The advantage or disadvantage Jinkerson Corporation will get after the discontinuation of product U23N will be ;
Saving in Fixed manufacturing expense = $144,000
The new fixed manufacturing expense = $234,000 - $144,000 = $90,000
The new fixed selling and administrative expense = $161,000 - $93,000 = 68,000.
The company overall net income will decrease by $143,000.
The intent of contractionary fiscal policy is to reduce the money supply in an economy.
<h3>What is a contractionary fiscal policy?</h3>
A contractionary fiscal policy is when the government takes steps to reduce the money supply in an economy.
A contractionary fiscal policy can be enacted either by reducing government spending or increasing the taxes on goods and services.
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