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What is the effect on the price and quantity of a product if the demand decreases and the supply simultaneously increases?
Gross Pay
The total amount of money an employee earns before any deductions are taken out.
Net Pay
The amount of an employee's earnings after all deductions, such as taxes and retirement contributions, have been subtracted.
Social Security Tax
A tax that funds the Social Security program, deducted from employees' salaries and matched by employers, supporting retirees, disabled workers, and survivors.
Federal Income Tax
This is a tax levied by the United States Internal Revenue Service on the annual earnings of individuals, corporations, trusts, and other legal entities.
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