Accounting is known to be “the business language” since it is the main tool that affects businesses in terms of recording, evaluating, reporting economic events. Accounting processes document all features of a business’s financial performance hence, an understanding of the financial information stored in accounting documents, is considered essential to attaining accurate financial well-being of a business (Bragg, 1999).
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Large and Small businesses have a tax responsibility to the Internal Revenue Service (IRS). Businesses must present payroll tax records including federal income tax and social security tax details withheld from employee paychecks.
Anthony, Robert N., and Leslie K. Pearlman. (1999). Essentials of Accounting. Prentice Hall
Bragg, Steven M. (1999). Accounting Best Practices. John Wiley