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Income taxes that are withheld from employees' pay and not remitted as of the balance sheet date will constituted a ____________ to be verified by the auditors.

Sagot :

Income taxes that are withheld from employees' pay and not remitted as of the balance sheet date will constituted a liability to be verified by the auditors.

A tax placed on people or organizations in relation to their income or profits is known as an income tax. Tax rates multiplied by taxable income are typically used to calculate income taxes.

Tax rates might change depending on the taxpayer's attributes and source of income. As taxable income rises, the tax rate can also. Corporate tax, which is often assessed at a fixed rate, is the name given to the tax charged on businesses. Individual income is frequently subject to progressive taxation.

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