After being withheld, payroll taxes become an asset for the company.

Name: After being withheld, payroll taxes become an asset for the company.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

After being withheld, payroll taxes are not an asset for the company. These taxes are held in trust by the company until they are remitted to the relevant government agency on behalf of the employees. Therefore, they are a liability for the company until they are paid.

After Being Withheld, Payroll Taxes Become an Asset for the Company