Examlex
Use the 68-95-99.7 Rule to find probabilities or cutoff values.
-The time it takes to process phone orders in a small florist / gift shop is normally
Distributed with a mean of 6 minutes and a standard deviation of 1.24 minutes. What
Cutoff value would separate the 2.5% of orders that take the most time to process?
Medicare Taxes
Taxes that fund Medicare, a federal health insurance program, deducted from the paychecks of employees and also paid by employers.
Wages
Wages refer to the monetary compensation paid by an employer to an employee in exchange for work performed.
Withholding Allowances
A number that employees claim on their W-4 form that reduces the amount of federal income tax withheld from their wages, based on their personal circumstances.
Form 4070
Form 4070 is a tax form used by employees to report tips to their employer, which are then subject to social security and Medicare taxes.
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