Examlex
Another way of thinking about the "L" in the ILETS model would be:
Pay Period
Pay period refers to the recurring length of time over which employee wages are calculated and distributed, such as weekly, bi-weekly, or monthly.
FICA Taxes
Taxes imposed by the Federal Insurance Contributions Act, which fund Social Security and Medicare, required to be withheld from employees' paychecks and matched by employers.
OASDI
Stands for Old-Age, Survivors, and Disability Insurance, a program that provides monthly benefits to retired individuals, survivors of deceased workers, and disabled workers funded through payroll taxes.
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