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Discuss the difference between horizontal and vertical price-fixing.
Payroll Period
The interval of time for which an employee's wages are calculated, such as weekly, bi-weekly, or monthly.
Salaries Payable
An account that represents the amounts owed but not yet paid to employees for services rendered.
Payroll Register
A comprehensive record detailing the amounts paid to employees for services rendered during a specific period.
Net Pay
The actual amount of money an employee takes home after deductions such as taxes and retirement contributions are subtracted from the gross income.
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