Examlex
The allocative function of price cannot operate unless there is:
Net Pay
The amount of an employee's income after all deductions like taxes, insurance, and retirement contributions have been subtracted.
Social Security
A government program that provides financial assistance to people with inadequate or no income, such as the elderly, disabled, and survivors.
Medicare Tax
A federal tax that funds Medicare, health insurance for individuals over 65; deducted from employees' paychecks.
Payroll Tax Expense
Taxes that employers are required to pay on behalf of their employees, such as social security and Medicare taxes.
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