Social Security,Medicare,FUTA,and SUTA taxes have separate liability accounts.

Name: Social Security,Medicare,FUTA,and SUTA taxes have separate liability accounts.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Each tax has its own specific liability account in a company's financial statements to track the amounts owed and paid to the respective government entities. This enables a clear record of each tax liability and prevents confusion when paying or reporting taxes.

Social Security,Medicare,FUTA,and SUTA Taxes Have Separate Liability Accounts