Author Question: Employers who have 100,000 or more due in federal income tax withholding and Social Security and ... (Read 34 times)

Ebrown · **on:** Jul 5, 2018

Employers who have 100,000 or more due in federal income tax withholding and Social Security and Medicare taxes on any day during the current quarter should journalize the debt and pay at the end of the
a. year.
b. quarter.
c. month following the end of the quarter.
d. next banking day.

Question 2

If the balance in Cash Short and Over at the end of a period is a credit, it should be reported as an other incomeitem on the income statement.
a. True
b. False

Indicate whether the statement is true or false