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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

Employees are subject to taxes withheld from their paychecks.

  1. A. List the federal taxes withheld from most employee paychecks.
  2. B. Give the title of the accounts credited by amounts withheld.

A.

To determine

Payroll: The total payment that a company is required to pay to its employee for the services received is called as payroll.

Payroll withholding deduction: The amounts which the employer withheld from employees’ gross pay to deduct taxes such as federal income tax, state income tax, local income tax, and social security tax are called payroll withholding deduction.

To list: The federal taxes withheld from employees paychecks.

Explanation

The list of federal taxes that are withheld from employees’ paychecks are as below:

  • Federal incom...

B.

To determine

To list: The title of the accounts credited by amounts withheld.

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