Examlex
Which of the following amounts appears on both the statement of retained earnings and the balance sheet?
Total Federal Income Tax
The sum of all taxes owed to the federal government by an individual or entity in a fiscal year after deductions and credits.
FICA-OASDI
Stands for Federal Insurance Contributions Act - Old Age, Survivors, and Disability Insurance; it's a payroll tax that funds Social Security and Medicare in the United States.
FICA-Medicare
A portion of the Federal Insurance Contributions Act tax that funds Medicare, a federal health insurance program for people who are 65 or older and certain younger people with disabilities.
Net Pay
The amount of money an employee receives after deductions such as taxes and retirement contributions are subtracted from the gross pay.
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