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Federal insurance contributions act tax (FICA): It is a tax applicable to employees’ earnings as a certain percentage. Employers are also supposed to contribute their share and deposit the combined amount to the federal body.
Federal
State unemployment tax act (SUTA): It is same as federal unemployment tax act, the only difference is that it is a program by states for their unemployed population. The features are same as those of SUTA.
To recognize: The acronyms FICA, FUTA and SUTA.
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Chapter 11 Solutions
EBK ACCOUNTING PRINCIPLES
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