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An important part of planning is to identify alternatives and then to select from among the alternatives the one that best meets the organization's objectives.
Voluntary Deductions
Optional deductions from an employee's paycheck, such as for health insurance or retirement savings plans.
FICA Taxes
Taxes imposed on both employees and employers to fund Social Security and Medicare, based on a percentage of the employees' wages.
Gross Earnings
The total income earned by an individual or business before any deductions or taxes.
Federal Income Taxes
Taxes imposed by the federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.
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