Examlex
Which of the following is correct when a price floor is set above the equilibrium price?
Medicare Tax
The amount of Medicare tax an employee pays is a set percentage of the entire income with no maximum amounts; the amount paid is split between the employee and employer.
FICA Taxes
Taxes funded by both employers and employees to finance Social Security and Medicare benefits, based on earned income.
Term Life Insurance
A type of life insurance policy that provides coverage for a specified period ('term'), offering a death benefit if the insurer dies during that term.
Premium
The amount paid for an insurance policy, often on a monthly, quarterly, or annual basis.
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