When a company pays an employee wages of $1,000, the company will withhold federal income taxes and FICA withheld from the employees pay as short-term liabilities.

Group of answer choices

True

False

Question 2

When a company pays the IRS the monies withheld from an employee's pay, the company will debit an account typically referred to as Federal Income Tax Withheld Payable maintained in the general ledger.

Group of answer choices

True

False