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Which of the following statements is true of elaborative strategy?
FICA-OASDI
Refers to the Social Security portion of the Federal Insurance Contributions Act tax, covering both the Old Age, Survivors, and Disability Insurance.
Cumulative Earnings
The total amount of net income an entity has earned over its life, up to the current reporting date, not yet distributed to shareholders.
FICA-Medicare
A federal payroll (or employment) tax contribution towards Medicare, part of the FICA taxes in the United States.
Cumulative Earnings
The total amount of net income (or loss) earned by a company over a period of time, often used to measure its financial performance.
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