Which of the following payroll items is included on the Balance Sheet?
A)Health insurance expense
B)Salaries and wages expense
C)Federal withholding tax payable
D)Payroll taxes expense

Question

Quizplus · Accepted Answer

Federal withholding tax payable is a liability that represents the amount of income taxes withheld from employees' paychecks but not yet remitted to the government. This is a payroll item that is included on the Balance Sheet. Health insurance expense, salaries and wages expense, and payroll taxes expense are all income statement items that are not included on the Balance Sheet.

Which of the Following Payroll Items Is Included on the Balance