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Federal Income Tax
An annual financial obligation required by the federal government from individuals, corporations, trusts, and other lawful entities.
Gross Earnings
The total amount of income received before any deductions or taxes are subtracted.
Net Pay
The amount of money received by an employee after all deductions have been made from the gross salary.
FICA Tax
Federal Insurance Contributions Act tax, which funds Social Security and Medicare, required to be paid by both employees and employers.
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