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Explain the meaning of triple bottom-line orientation.
FICA Tax
Federal Insurance Contributions Act tax, a U.S. federal payroll tax imposed on both employees and employers to fund Social Security and Medicare.
Federal Income Tax
A tax levied by the federal government on the annual income of individuals, corporations, trusts, and other legal entities.
Payroll Tax Expense
Taxes imposed on employers and employees, calculated as a percentage of salaries paid.
FICA Taxes Payable
Amounts owed by employers and employees for Social Security and Medicare, based on the Federal Insurance Contributions Act.
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