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What is the policy of reducing or eliminating regulatory restraints on the conduct of individuals or private institutions called?
Social Security Taxes
Taxes levied on both employers and employees to fund the Social Security program, used for providing retirement, disability, and survivor benefits.
Medicare Taxes
Taxes withheld from employees' paychecks and matched by employers to fund the Medicare program.
Vacation Pay Payable
A liability account representing the amount of vacation pay owed to employees that has not yet been paid.
Current Liability
A financial obligation that a company is required to pay within a year, such as accounts payable, short-term loans, and accrued expenses.
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