Match the Terms with the Definitions

question 78

Multiple Choice

Match the terms with the definitions.
- Exempts a specific dollar amount of an employee's gross pay from federal income tax withholding.

• A)direct deposit
• B)electronic system
• C)employee
• D)employee earnings record
• E)Fair Labor Standards Act (FLSA)
• F)FICA taxes
• G)gross pay
• H)independent contractor
• I)manual system
• J)net pay
• K)payroll processing center
• L)payroll register
• M)salary
• N)wage-bracket method
• O)wages
• P)withhol ding allowance

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Definitions:

Producer Surplus

The difference between the amount a producer is paid for a good and the minimum amount they are willing to accept for producing it.

Equilibrium Quantity

The quantity of goods or services supplied is equal to the quantity demanded at the market price.

Equilibrium Price

The price at which the quantity demanded by consumers equals the quantity supplied by producers, resulting in market stability.

Tax Revenues

The financial resources that are accumulated by governments as a result of taxation.