In retirement, benefits payable from the personal accounts would substitute for a portion of Social Security benefits based on the degree to which workers exercised the account option over their careers.

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So on his retailing scorecard accounts payable are subtracted from inventory.

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Being able to tell a receivable from a payable does matter.

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The small business community is also upset that it has to implement some of the government's tax changes, for example the Working Families Tax Credit, which became payable through the pay packet from April.

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Tax is payable only when the income is withdrawn from the trust by the non-charitable beneficiary.

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If a New Yorker buys a case of wine from a Californian firm, then no tax is payable.

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In many of those deals, the lender requires an extra guarantee from the borrower's parents, and the interest rates payable by the borrower are considerably higher than for someone taking a mortgage with a larger down payment of, say, 20% or 25%.

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