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Perform the operations and simplify the result when possible.
Contingent Liability
A potential obligation that may arise depending on the outcome of a future event, which is not yet certain to occur.
Advance Payments
Payments made by a buyer earlier than the agreed upon payment schedule, often to secure an order or as a deposit.
Withholding Allowances
Exemptions that reduce the amount of income tax withheld from an employee's paycheck, based on the employee's personal and financial situation.
Payroll Account
An account used by a business to process and manage payments to employees, including salaries, wages, and deductions.
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