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Define What Is Meant by Essential Element

question 80

Essay

Define what is meant by essential element.


Definitions:

Social Security Tax

A mandatory tax levied on both employees and employers to fund the Social Security program, which provides retirement, disability, and survivorship benefits.

Federal Income Taxes

Taxes levied by the federal government on individuals' and organizations' annual earnings.

Unemployment Taxes

Taxes employers pay to federal and state governments to fund unemployment benefits for workers who lose their jobs.

Internal Controls

Procedures and measures taken by a business to safeguard its assets, ensure accuracy and reliability in accounting records, and enhance operational efficiency.

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