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.
Answer:
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Explanation:
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The given chart shows the link between interest in a product and the price a consumer pays.
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- The more the interest a person has in a product, the more willing he is to pay any demanded price for the product.
- On the other hand, if a person is not at all interested in a specific product, he would not buy it even if it is available at the cheapest price in the market.
Answer:
The correct answer is: A novation.
Explanation:
A novation is the replacement of individuals in a contract with the consent of both parties. The new party takes all the obligation of the initial party and releases the last one from all duty. The novation must be signed for the transferor, the transferee, and the contracting party.
Management's plan for making money in a particular line of business and the revenue-cost-profit economics of the company's strategy is Strategic Management.
Strategic Management is the most widely recognized approach to spreading out goals, frameworks, and focuses to make an association or affiliation more serious. Consistently, the fundamental organization looks at effectively passing staff and resources on to achieve these targets.
In business, it is critical because it allows an association to look at districts for useful improvement. Generally speaking, they can understand either a consistent connection, which recognizes likely risks and opens entryways, or simply notice essential standards.
An association could choose to follow either a prescriptive or elucidating method for managing the executives. Under a prescriptive model, frameworks are delineated for development and execution. On the other hand, an elucidating model portrays how an association can cultivate these frameworks.
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