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Regarding retailing, which of the following statements is FALSE?
Federal Income Tax
A tax levied by the federal government on the annual income of individuals, corporations, trusts, and other legal entities.
Payroll Tax Expense
Taxes imposed on employers and employees, calculated as a percentage of salaries paid.
FICA Taxes Payable
Amounts owed by employers and employees for Social Security and Medicare, based on the Federal Insurance Contributions Act.
State Unemployment Taxes
Taxes imposed on the employer by states that provide benefits to employees who lose their jobs.
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