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  • Asdfrajasdfa Notasde

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    Kia Potts
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    An employer must keep separate expense accounts for taxes under the Federal Insurance Contributions Act (FICA) and the Federal Unemployment Tax Act (FUTA). They need separate accounts because the employer may need to record FICA and FUTA tax payments on a monthly, quarterly, or regular short-term basis to comply with tax obligations.

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    asdfRajasdfa Notasde (36)

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    An employer must keep separate expense accounts for taxes under the Federal Insurance Contributions Act (FICA) and the Federal Unemployment Tax Act (FUTA). They need separate accounts because the employer may need to record FICA and FUTA tax payments on a monthly, quarterly, or regular short-term basis to comply with tax obligations.

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    6 Ansichten1 Seite

    Asdfrajasdfa Notasde

    Hochgeladen von

    Kia Potts
    An employer must keep separate expense accounts for taxes under the Federal Insurance Contributions Act (FICA) and the Federal Unemployment Tax Act (FUTA). They need separate accounts because the employer may need to record FICA and FUTA tax payments on a monthly, quarterly, or regular short-term basis to comply with tax obligations.

    Copyright:

    © All Rights Reserved
    Als DOCX, PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 1

    4277-6-14QR

    AID: 1825 | 29/03/2013


    Separate Expense Accounts

    Yes, it is necessary for an employer, who is subject to FICA and FUTA taxes, to keep a
    separate expense account for the taxes under each act. It is because, an employer may
    need to record the FICA and FUTA tax payments monthly, quarterly, or at regular
    short intervals.
    Note: -FUTA Federal Unemployment Tax Act
    SUTA State Unemployment Tax Act

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