Examlex
Wearing a new dress on a first date is an example of
Employer's Payroll Tax Expense
Taxes that an employer is responsible for paying on behalf of its employees, such as social security and Medicare taxes.
General Journal Entry
A record in the general journal that documents a business transaction, including the accounts affected and the debit and credit amounts.
Total Deductions
Total deductions refer to the sum of all amounts subtracted from an individual’s gross income or earnings, which can include taxes, social security contributions, and retirement plan contributions.
FICA-OASDI
Refers to part of the U.S. payroll tax that funds the Social Security program, standing for Federal Insurance Contributions Act - Old Age, Survivors, and Disability Insurance.
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