Examlex
What's the purpose of a balance sheet?
Warranty Costs
Expenses associated with repairing or replacing products under warranty.
Estimated Warranty Liability
A liability recorded on the financial statements to cover the expected cost of product warranties.
FICA Taxes
Federal Insurance Contributions Act taxes are payroll taxes deducted from employees' paychecks and matched by employers to fund Social Security and Medicare.
Medicare Taxes
Taxes collected in the United States to fund the Medicare program, typically withheld from employee earnings.
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