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When a new company was formed,one partner contributed some used equipment he owned.The equipment was appraised at $44,000 and $50,000 by two different dealers.The accountant entered the equipment at $44,000 in the financial records of the partnership.This is an example of
Federal Personal Income Tax
A tax levied by the U.S. government on the annual income of individuals, households, and trusts.
Wages
Compensation provided to employees for their work, often determined on a per hour, per day, or per task completed basis.
Social Security Tax
Taxes levied on both employers and employees to fund the Social Security program, which provides retirement, disability, and survivor benefits.
Taxable Income
The amount of an individual's or corporation's income used to determine how much tax is owed to the government.
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