Section 6 Involves Gross Income and Section 7 Outlines Itemized

question 2

True/False

Section 6 involves gross income and Section 7 outlines itemized deductions.

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Definitions:

FICA-OASDI

Refers to the Federal Insurance Contributions Act's component for Old-Age, Survivors, and Disability Insurance, a payroll tax funding Social Security.

Overtime

Additional hours worked beyond the standard work schedule, often compensated at a higher rate.

FICA-Medicare

The part of FICA taxes that is specifically allocated to fund Medicare, the U.S. government's health insurance program for the elderly and some disabled individuals.

Overtime

Additional hours worked by an employee beyond their standard working hours, often compensated at a higher rate.