Examlex
Changes in the DSM-V
Gross Earnings
The total amount of money earned by an individual or business before any deductions or taxes are applied.
Net Pay
The amount of money that an employee takes home after all deductions, such as taxes and retirement contributions, have been subtracted from the gross salary.
FICA Tax
A U.S. federal tax that funds Social Security and Medicare, deducted from employees' paychecks and matched by employers.
Federal Income Tax
The tax levied by the IRS on the annual earnings of individuals, corporations, trusts, and other legal entities.
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