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The rational decision-making process assumes that managers follow a systematic, step-by-step process.
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.
FICA-Medicare
The portion of the Federal Insurance Contributions Act (FICA) tax that is dedicated to Medicare, funding hospital insurance for individuals under the Medicare program.
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