COMMON LAW Definition

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COMMON LAW is an unwritten body of law based on general custom in England; it is used to some extent in the United States.

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BACKUP WITHHOLDING is a mandatory withholding that may be imposed when rules regarding taxpayer identification numbers, (usually a Social Security number) are not met by the individual. Another way for these withholdings to take effect is when a notice is issued by the IRS to withhold on payments to that individual. Backup withholding may be claimed as a credit by taxpayers on their federal income tax return.

ECONOMIC and MONETARY UNION (EMU) is the European Union's economic and monetary convergence among member countries, culminating in the introduction of a single currency, i.e. the Euro.

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