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What expense category do unemployment taxes come under?
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There is no definitive answer to this question as it depends on the business and how their accounting is set up. However, there are a few potential expense categories that unemployment taxes could come under.
Wages and Salaries
One potential category is wages and salaries. This is because unemployment taxes are generally based on a percentage of an employee's wages, so they can be considered a wage expense.
Employee Benefits
Another potential category is employee benefits. This is because unemployment taxes are generally used to fund unemployment benefits, so they can be considered a benefit expense.
Taxes
Another potential category is taxes. This is because unemployment taxes are a type of tax, so they can be considered a tax expense.
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As we scale we need tools that are built to scale with us - we need to see expenses real time, we need to see duplicate spend. These types of insights are important to the health of our business.
Steve Padis, SVP Finance & Strategy, Barry's
The information provided in this article does not constitute legal or financial advice and is for general informational purposes only. Please check with an attorney or financial advisor to obtain advice with respect to the content of this article.
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