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Social Security Tax
Taxes collected by governments from employees and employers to fund the social security program, supporting retirees, disabled persons, and survivors.
Note Payable
A financial obligation or loan evidenced by a promissory note, specifying terms such as the repayment schedule, interest, and maturity date.
Accounts Payable
Liabilities or amounts owed by a company to its creditors for goods and services received that have not yet been paid for.
Journal Entry
A record in bookkeeping that documents every financial transaction, detailing the accounts affected and whether they are debited or credited.
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