Examlex
Adjusted gross income (AGI) sets the ceiling or the floor for certain deductions. Explain and illustrate what this statement means.
FUTA Payable
A federal tax liability owed by employers to fund the unemployment benefits system.
FICA-OASDI
Represents the Federal Insurance Contributions Act's Old-Age, Survivors, and Disability Insurance, a U.S. payroll tax that funds Social Security.
FICA-Medicare
The portion of the Federal Insurance Contributions Act tax that is allocated to Medicare, funding hospital insurance benefits for individuals who are elderly or disabled.
Payroll Register
A document that records detailed information about the compensation paid to employees, including wages, deductions, and net pay.
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