Several Types of "Payers" Exist in the United States, Including

question 11

True/False

Several types of "payers" exist in the United States, including private insurance, government programs, and military programs.

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Definitions:

Gross Pay

The gross income of an employee, which is the sum of all earnings before deductions or taxes are applied.

Deductions

Expenses or amounts subtracted from gross income to reduce the taxable income.

FICA-OASDI

Refers to the Social Security portion of the Federal Insurance Contributions Act tax, covering both the Old Age, Survivors, and Disability Insurance.

Cumulative Earnings

The total amount of net income an entity has earned over its life, up to the current reporting date, not yet distributed to shareholders.