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What is subrogation? What is indemnification? How are those two concepts related?
FICA Taxes
Taxes imposed by the Federal Insurance Contributions Act, funding Social Security and Medicare programs, withheld from employees’ pay and matched by employers.
Medicare Taxes
Taxes collected from employees and employers to fund the Medicare program, which provides healthcare benefits to retirees.
State Income Taxes
Taxes imposed by individual states on the income generated by businesses and individuals within that state.
Liability Account
A type of accounting record that shows the obligations or debts a company owes to others.
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