Examlex
Closing entries may be prepared from all of the following except
Gross Earnings
The total amount of revenue or income earned by an individual or business before any deductions or taxes are applied.
Net Pay
The amount of money an employee takes home after deductions like taxes and retirement contributions have been subtracted.
FICA Tax
A mandatory tax used to fund the United States Social Security and Medicare programs, deducted from the wages of employees.
Federal Income Tax
A tax levied by the federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.
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