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Option c. A current liability is a correct answer. The amount of federal income taxes withheld from an employee's gross pay is recorded as a current liability
Under employment law, employers operate as intermediaries between employees and state and federal agencies. It is the obligation of employers to track and pay taxes, social security, and other payments from employee pay to government agencies.
The company must remit the amount withheld each quarter which means the amounts are owed in the current period. When taxes are paid, the FIT Payable account is debited to balance the transactions.
Option a) is incorrect as no asset is created by the withholding.
Option b) is incorrect as the taxes are not an expense paid by the company.
Option d) is incorrect as the payable operates as a normal liability account.
Learn more about income tax:
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Yes social media videos are a good way to market yourself if you do it the right way. If you put a caption with your website and have a video which is interesting about whatever you need marketed then people will probably not exit out. It is all about approach.
If you're doing it for an assignment change the wording other wise hoping ti helps
Creativity and innovation both contribute to applied practice.
Explanation:
Creativity refers to the way in which new ideas related to a particular item is brought in reality. Innovation refers to the way of implementing the new idea that was not recognized before. The items are unique in nature.
Creativity deals with new ideas as well as different possibilities that are used to solve problems as well as helps in communicating with others. Creativity also helps in entertainment purpose. These are the ways where innovation and creativity contribute to applied practice.
Answer:
Letter a is correct. Distort incentives and this distortion causes markets to allocate resources inefficiently.
Explanation:
What happens is that when rates rise, it causes an imbalance in supply and demand, because at higher rates companies are forced to raise prices to offset tax costs, so the pass-through of consumer prices discourages consumption and as a consequence of less consumption, production also decreases, causing the inefficient allocation of market resources.
