If the Government Spends More Than It Takes In,we Have

question 100

Multiple Choice

If the government spends more than it takes in,we have a budget _____.

• A)scarcity
• B)insufficiency
• C)shortage
• D)deficit

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Definitions:

Net Pay

The amount of an employee's earnings that remains after deductions, such as taxes and retirement contributions, have been applied.

FICA Social Security Tax

A United States federal tax required to be withheld from an employee's paycheck to fund the Social Security program, which provides benefits for retirees, the disabled, and children of deceased workers.

FICA Medicare Tax

A federal payroll tax that is part of FICA, specifically designated to fund the Medicare program, which provides health insurance to elderly and disabled Americans.

Unemployment Tax Rates

Unemployment tax rates are percentages that employers must pay to state and federal agencies, based on the number of their employees, to fund unemployment insurance benefits.