The correct entry for the withholding of an employee's contribution to a pension plan is:
(a) Salary Expense
Pension Plan Payable
(b) Salary Expense
Cash
(c) Pension Plan Payable
Cash
(d) Salary Expense
Pension Plan Expense
Which of the following is not an acceptable method of determining the required annual payment of federal income tax for corporations? A) 100 percent of the prior year's tax liability (with a few exceptions) B) 100 percent of the current year's tax liability C) 100 percent of the estimated current year tax liability using the annualized income method D) All of the choices are acceptable methods of determining the required annual payment of federal income tax for corporations. Explain. Explain.
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