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Calculate the total amount of FICA withholding for an employee whose pay is $2,400 for the first pay period of the year. The tax rate for FICA-Social Security is 6.2% and the tax rate for FICA
-Medicare is 1.45%.
Fascism
A far-right, authoritarian ultranationalist political ideology and movement, characterized by dictatorial power, forcible suppression of opposition, as well as strong regimentation of society and the economy.
Price Mechanism
The way in which prices rise and fall as a result of changes in supply and demand, allocating resources through the economy.
Equitable Distribution
The fair and just distribution of economic benefits across a society, aiming for a balanced allocation of wealth and opportunities.
Efficient Allocation
The process by which resources are optimally distributed to meet the needs and maximize the welfare of the economy or market.
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