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Tax Liability
Refers to the total amount of tax that an individual or business is obligated to pay to the government, based on earnings, property ownership, and other taxable income sources.
Social Security Taxes
Taxes collected from employees and employers to fund the Social Security program, providing benefits for retirees, the disabled, and survivors.
Medicare Taxes
Taxes withheld from employees' paychecks and also matched by employers to fund the Medicare program, part of the Federal Insurance Contributions Act (FICA) tax.
Federal Tax Withholding
The amount of money withheld from an employee's paycheck by an employer and sent directly to the government as partial payment of income tax.
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