Examlex
Write the word or phrase that best completes each statement or answers the question.
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Social Security Taxes
Taxes collected from employees and employers to fund the Social Security program, which provides benefits to retirees, disabled persons, and survivors of deceased workers.
Unfunded Pension Liability
The shortfall between the present value of the pension obligations to employees and the assets set aside to meet those obligations.
Balance Sheet
A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial condition.
Defined Benefit Plans
Pension plans where the employer promises a specified pension payment upon retirement, based on factors like salary and years of service.
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