INCOME TAX Definition

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INCOME TAX is a tax paid on money made or profit realized from employment, business, or capital.

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FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) is a private corporation chartered by the U.S. Government to provide mortgage money for home buyers. FNMA buys mortgages from lenders and sells mortgages to investors. FNMA guarantees the timely payment of both interest and principal. Also known as "Fannie Mae".

CURRENT CAPITAL see WORKING CAPITAL.

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