Property That Has Been Abandoned or Property Whose Owners Cannot

question 70

True/False

Property that has been abandoned or property whose owners cannot be found is turned over to the state government until the legal owners can be found is known as escheat property.

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Definitions:

Income Before

"Income Before" generally precedes specific deductions or expenses, such as taxes or interest, indicating a subtotal of income in financial statements.

Bonus

Additional compensation given to employees as a reward for their performance or for special occasions.

FICA Taxes

Taxes imposed by the Federal Insurance Contributions Act, which fund Social Security and Medicare services.