Asked by Ericka Eldridge on Jun 03, 2024
Verified
Employers are required to compute and report payroll taxes on a calendar-year basis, even if a different fiscal year is used for financial reporting and income tax purposes.
Calendar-Year Basis
A method of accounting that uses the 12-month period from January 1 to December 31 as its fiscal year for financial reporting.
Fiscal Year
A 12-month period used for accounting and reporting purposes, which may or may not align with the calendar year.
Payroll Taxes
Taxes that are withheld from employees’ salaries or wages by the employer and paid directly to the government. These can include income tax, social security, and Medicare taxes.
- Learn the reporting requirements and documentation for payroll and payroll taxes.
Verified Answer
ZK
Zybrea KnightJun 07, 2024
Final Answer :
True
Explanation :
Employers must report payroll taxes on a calendar-year basis, regardless of their fiscal year.
Learning Objectives
- Learn the reporting requirements and documentation for payroll and payroll taxes.