FPC-Remote Exam Dumps | The reconciliation of an employee federal income tax withholding account occurs when which type of account

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Question 56

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Question 56/74

The reconciliation of an employee federal income tax withholding account occurs when which type of account is balanced?

A. Asset

B. Equity

C. Expense

D. Liability

Correct Answer: D

Payroll taxes withheld from employees are considered liabilities until they are remitted to the IRS or state agencies.
Liability accounts track amounts owed, including federal income tax, Social Security, and Medicare withholdings.
Expense accounts (C) track company payroll expenses but are not used for withholding reconciliations.
Reference:
IRS Payroll Accounting Guidelines
Payroll Tax Reconciliation Guide (Payroll.org)

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