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Exchange Between the Two Main Subdivisions of ECF Occurs Primarily

question 44

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Exchange between the two main subdivisions of ECF occurs primarily at the


Definitions:

FICA Tax

Federal Insurance Contributions Act tax used to finance federal programs for old-age and disability benefits (social security) and health insurance for the aged (Medicare).

Payroll Tax

Taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff.

Interest-Bearing Note

A debt security that pays interest to the holder, typically at a fixed rate, until maturity.

Deducts

Refers to the act of subtracting an amount from a total, often used in accounting and finance to calculate net values.

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