What type of account is Payroll Tax Expense?
A) Asset
B) Pre-paid liability
C) Contra-revenue
D) Expense

Name: What type of account is Payroll Tax Expense? A) Asset B) Pre-paid liability C) Contra-revenue D) Expense
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Question

Quizplus · Accepted Answer

Payroll Tax Expense is classified as an expense account because it represents the cost associated with employing labor, including taxes that the employer must pay based on the wages and salaries of employees.

What Type of Account Is Payroll Tax Expense