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Adam Smith argued that when self-regulating moral mechanisms fail,________________ must serve to protect the public from egregious immoral actions.
Maximum Earnings Limit
The upper threshold of income that can be taxed for specific purposes, such as Social Security, beyond which no additional taxes are levied on income.
FICA Taxes
Federal taxes in the United States that fund Social Security and Medicare, required to be withheld from employees' paychecks and also paid by employers.
Allowances
Amounts set aside for adjustments or reductions in the value of accounts or inventories, often for potential bad debts or depreciation.
Withheld
Refers to amounts deducted from an employee's wages or payments, often pertaining to taxes or other legal obligations, not immediately paid to the employee.
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