NOMINAL ACCOUNTS Definition

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NOMINAL ACCOUNTS are those accounts that are closed out each period: revenue accounts, expense accounts, and dividend or withdrawals accounts.

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INSURANCE BROKER is a specialized broker who secures insurance business and places it with recognized underwriters.

W-2 FORM, Wage and Tax Statement, is the form U.S. employers are required by the IRS to issue for each employee before February 28th of the following year. The W2 form lists the employees total wages/compensation and taxes withheld within the calendar year of the year preceding.

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