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Product demand usually becomes more elastic over time because more substitutes are found.
Directly Tipped Employee
An employee who receives tips directly from customers for services rendered, often subject to different tax reporting requirements.
Form 8027
A tax form used by employers who operate large food or beverage establishments to report tips received by employees.
FICA Tax
Federal Insurance Contributions Act tax, a payroll tax deducted from employees' wages for Social Security and Medicare benefits.
Employer
An individual or business entity that hires and pays wages or salaries to one or more employees in exchange for their work.
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