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-In the above figure, technological progress that increases the expected profit will
Withholding
This refers to the amount of an employee's pay withheld by the employer and sent directly to the government as partial payment of income tax.
Exemptions
Deductions allowed by law to reduce the amount of income that is subject to taxation.
Social Security
Social Security is a government program designed to provide financial support to retirees, disabled individuals, and survivors of deceased workers, funded through payroll taxes.
Medicare
Medicare is a federal health insurance program in the United States for people aged 65 and older, as well as for some younger people with disabilities.
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