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Unformatted text preview: year or the companys 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 employees marital status, number of withholding allowances (dependents), and whether any additional withholding is authorized....
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- Fall '10