Identify and Give the Historical Significance of Each of the Following

question 96

Essay

Identify and give the historical significance of each of the following terms, events, and people in a paragraph or two.
-nullification crisis

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Definitions:

FICA-Social Security

A U.S. government program funded by payroll taxes under the Federal Insurance Contributions Act (FICA) that provides retirement benefits, disability income, and survivor benefits.

Withheld

Typically refers to portions of an employee’s earnings that are not paid directly to the employee but instead held back for taxes, retirement contributions, or other purposes.

Matched By Employer

Contributions made by an employer towards an employee's benefit plan, such as a 401(k), that are equal to the contributions made by the employee.

Accrued Vacation Pay

The amount of earned vacation time that an employee has not yet taken or been paid for, represented as a liability on the company's balance sheet.