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If an Individual Is an Employee and Also Has Self-Employment

question 62

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If an individual is an employee and also has self-employment income,the maximum tax base for computing self-employment tax is reduced by the wages that are subject to the FICA tax.


Definitions:

Marginal Product

The additional output generated by employing one more unit of a specific factor of production.

Total Product

The total quantity of output produced by a firm during a given period of time.

Labor Intensive

A production process that requires a higher proportion of labor compared to capital in the production of goods and services.

Alternative Technologies

Different or novel technological solutions or methods that can be used as substitutes for existing technologies to perform similar functions.

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