It Takes Barbara Four Hours to Make a Pie and Four

question 17

True/False

It takes Barbara four hours to make a pie and four hours to make a shirt.It takes Gary two hours to make a pie and five hours to make a shirt.Barbara should specialise in making shirts and Gary should specialise in making pies.Then they should trade.

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Definitions:

Employee Payroll Deductions

Amounts withheld from an employee's salary for taxes, insurance, and other mandatory or voluntary contributions.

Federal Unemployment Taxes

Taxes paid by employers to the federal government to fund unemployment benefits and job service programs.

Insurance Pension Plans

Retirement plans that combine the benefits of insurance and savings, providing income after retirement through periodic premiums paid during a worker’s employment.

Salaries And Wages Payable

A liability account that represents the amounts owed to employees for work performed but not yet paid.