Under the Special COVID tax provisions in 2020, Basalt Corporation elected to defer a portion of their payroll taxes. Which of the following best describes when Basalt must pay the deferred payroll taxes? A) the deferred payroll tax payments were to be included in the normal payroll tax payments for 2021 and were due June 30, 2022. B) The deferred payroll taxes must have been repaid by December 31, 2021. C) The deferred payroll taxes must be repaid by December 31, 2022. D) The deferred payroll taxes were forgiven in 2021 and thus are not required to be paid.
Under the Special COVID tax provisions in 2020, Basalt Corporation elected to defer a portion of their payroll taxes. Which of the following best describes when Basalt must pay the deferred payroll taxes? A) the deferred payroll tax payments were to be included in the normal payroll tax payments for 2021 and were due June 30, 2022. B) The deferred payroll taxes must have been repaid by December 31, 2021. C) The deferred payroll taxes must be repaid by December 31, 2022. D) The deferred payroll taxes were forgiven in 2021 and thus are not required to be paid.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Under the Special COVID tax provisions in 2020, Basalt Corporation elected to defer a portion of their payroll taxes. Which of the following best describes when Basalt must pay the deferred payroll taxes?
A) the
B) The deferred payroll taxes must have been repaid by December 31, 2021.
C) The deferred payroll taxes must be repaid by December 31, 2022.
D) The deferred payroll taxes were forgiven in 2021 and thus are not required to be paid.
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