Examlex
Authority conferred upon an agent for a specified time does not continue after the specified time.
FICA-Medicare Tax
The portion of the Federal Insurance Contributions Act tax that funds Medicare, deducted from employees' wages and also paid by employers.
Federal Income Tax
The tax levied by the IRS on the annual earnings of individuals, corporations, trusts, and other legal entities.
Withholdings
The portion of an employee's earnings that is deducted and sent directly to the government by the employer for tax purposes.
Salaries Expense
The total amount paid to employees in salary form over a specified accounting period, considered an operating expense.
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