amounts withheld from employee's earnings for employee income tax is considered a by the employer until the government is paid. multiple choice question. current asset long-term liability current liability long-term asset

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08-11-2022
Business

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amounts withheld from employee's earnings for employee income tax is considered a by the employer until the government is paid. multiple choice question. current asset long-term liability current liability long-term asset

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rafikiedu09 rafikiedu09 · Answer 1 · 2022-11-12T03:11:01-05:00

The employer views the sums deducted from an employee's pay for employee income tax as a current liability until the government is compensated.

A current liability is a debt that the business plans to settle immediately utilizing resources shown on its current balance sheet. Accounts payable, wages, taxes, and deferred income are examples of typical current obligations.

The amount of federal income tax deducted from an employee's paycheck is known as withholding.

All of the current and fixed assets make up capital. Capital might be in the form of gifts or cash. As a result, a company entity's capital is divided into fixed capital and working capital.

To learn more about current liability

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