Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

9. Current Liabilities

Payroll and Payroll Taxes

Financial Accounting

9. Current Liabilities

Payroll and Payroll Taxes

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Multiple Choice

Employers' responsibilities for payroll do not include:

Paying employees' personal income tax liabilities directly to the IRS

Withholding federal income taxes from employees' paychecks

Maintaining accurate payroll records

Remitting Social Security and Medicare taxes to the government

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Verified step by step guidance

Understand the concept of employers' responsibilities for payroll. Employers are required to manage payroll processes, which include withholding taxes, maintaining records, and remitting taxes to the government.

Review the specific responsibilities of employers regarding payroll. These include withholding federal income taxes from employees' paychecks, maintaining accurate payroll records, and remitting Social Security and Medicare taxes to the government.

Identify the responsibility that is not included in the list. Employers are not responsible for paying employees' personal income tax liabilities directly to the IRS; this is the employees' responsibility.

Clarify the distinction between withholding taxes and paying personal income tax liabilities. Employers withhold taxes from employees' paychecks and remit them to the government, but they do not directly pay employees' personal tax liabilities.

Conclude that the correct answer is the responsibility that employers do not have, which is paying employees' personal income tax liabilities directly to the IRS.