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What is a liability

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Reference no: EM131534026

Question: 1. What is a liability? Identify its crucial characteristics.

2. Why does a creditor prefer a note payable to a past-due account payable?

3. A company pays its one employee $3,000 per month. This company's FUTA rate is 0.8% on the first $7,000 earned; its SUTA rate is 4.0% on the first $7,000; its Social Security tax rate is 6.2% of the first $106,800; and its Medicare tax rate is 1.45% of all amounts earned. The entry to record this company's March payroll includes what amount for total payroll taxes expense?

Reference no: EM131534026

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