Happy Carpet Cleaning, Inc. collects FIT, OASDI, and Medicare from its employees by withholding these...
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Accounting
Happy Carpet Cleaning, Inc. collects FIT, OASDI, and Medicare from its employees by withholding these taxes from its employees pay. However, Happy does not pay these amounts to the federal government until the end of the calendar year so that it can maximize its cash during the year. Because it will be paying these amounts to the government, it believes that this practice does not affect its employees. Please comment on this practice.
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