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FICA-Medicare
A federal insurance contribution act tax specifically designated for Medicare, a portion of the payroll tax paid by employees and employers to fund the Medicare program.
Medical Benefits
Health-related benefits, typically provided by an employer, that cover medical expenses for employees.
Overtime Rate
The increased pay rate employers are required to pay employees for hours worked beyond the standard workweek, typically 1.5 times the regular hourly rate.
Net Pay
The amount of an employee's salary that remains after deducting taxes and other statutory deductions.
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