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What is the difference between tax accounting and financial accounting? Must a company prepare a set of books for each type of accounting? Why or

What is the difference between tax accounting and financial accounting? Must a company prepare a set of books for each type of accounting? Why or why not? When would each accounting method be used?

How does the "pay-as-you-go" system impact wage earners? How does it affect those who receive income from other sources?

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