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.
Find out more about liability on:brainly.com/question/17090843
#SPJ1
Missing options:
(A) assets. (B) liabilities. (C) salary expense. (D) revenue.
Answer:
$8.20/Direct Labor hours
Explanation:
Cost of performing engine repair work = Shop and repair equipment depreciation + Shop supervisor salaries + Shop property taxes + Shop supplies
Cost of performing engine repair work = $40,000 + $133,000 + $22,000 + $10,000
Cost of performing engine repair work = $205,000
Direct Labor Hours = Direct Labor/Direct Labor rate
Direct Labor Hours = 500,000/$20 per hour
Direct Labor Hours = 25,000 hours
Predetermined shop overhead rate per direct labor hour = $205,000 / 25,000 Hours = $8.20/Direct Labor hours
Answer:
D. Its purpose is to relate the income tax expense to the items which affect the amount of tax.
Answer:
Her investing plan is saving up by finding a place to keep money you should probably worry on other things save up then spend if not you'll probably lose more money than needed find a place where they dont change much based on your money find a place where theres no scams you need to research to find a plan and a safe place.
