Journalizing payroll taxes for the employer will require several debit entries but only one credit entry.

Name: Journalizing payroll taxes for the employer will require several debit entries but only one credit entry.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Journalizing payroll taxes for the employer typically involves multiple credit entries to various payroll tax liability accounts (e.g., FICA taxes payable, federal income taxes payable, state income taxes payable, etc.) and a debit entry to payroll tax expense.

Journalizing Payroll Taxes for the Employer Will Require Several Debit