Unformatted text preview: year or the company’s operating cycle. What is an estimated liability? Estimated liability: is a known obligation that is of an uncertain amount but that can be reasonably estimated. What determines the amount deducted from an employee's wages for federal income taxes? The amount deducted for federal withholding can vary considerably depending on the employee’s marital status, number of withholding allowances (dependents), and whether any additional withholding is authorized....
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- Fall '10
- Accounting, Current Liabilities