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Accrued Payroll Taxes are those payroll taxes that are due to government authorities buy not yet paid. Typically, the accrued payroll taxes include FICA along with FUTA tax that will be deducted from each employee's gross earnings. Accrued payroll taxes recognize the timing difference between the creation of the liability and the payment of the tax.
Since accrued payroll taxes are usually payable within a fiscal period, they are recorded accrued liability in the current liabilities section of the company's balance sheet. |
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