question archive When all taxes have been paid, the Social Security Tax Payable account will have a
When all taxes have been paid, the Social Security Tax Payable account will have a
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When all taxes have been paid, the Social Security Tax Payable account will have
a. equal debit and credit balances.
b. a credit balance.
c. a debit balance.
d. a zero balance.
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Answer D A zero balance
Explanation-A zero balance is what shows that the remaining balance has been charged on a credit card customer's bill and there were no additional transactions during the billing period. As of the date of the balance sheet, this current liability account records the money a corporation owes (must remit) for the social security and Medicare taxes of its employees.
