Examlex
Instructions: Identify the following term(s).
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Federal Income Tax
The tax levied by the U.S. federal government on individuals and entities based on their annual income, with different rates applied to different income ranges.
Salaries Expense
The total amount paid to employees for services rendered during a specific period, recognized as an expense.
Social Security Tax
A tax that funds the Social Security program, which provides retirement benefits, disability income, and other payments to eligible individuals.
Payroll Tax Expense
The taxes that an employer incurs based on employee wages, including Social Security and Medicare taxes.
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