Question

Which of the following accounts would appear on the income statement? A.) Social Security Tax Payable...

Which of the following accounts would appear on the income statement?

A.) Social Security Tax Payable

B.) Payroll Tax Expense

C.) 401(K) Contributions Payable

D.) 401(K) Employer Contributions Expense

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Answer #1

B.) Payroll Tax Expense

Payroll tax is the employees compensation. It is shown in income statement when the firm pays wages and salaries to its employees.

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