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Social Security and Medicare
The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings.
-Refer to the Social Security and Medicare information. Sonia Evans earns a monthly salary of $2,800. Compute the amount deducted each month for Social Security and Medicare.
Illegal Activities
actions that are forbidden by law and subject to criminal penalties.
Missed Opportunities
Potential benefits or gains that are forfeited when a choice is made over alternative options.
Quota Rents
Revenue earned by the holder of import quotas, calculated by the difference between the domestic price and the world price of the imported goods.
Equalibrium Quantity
The quantity of goods or services that is supplied and demanded at the equilibrium price, where the quantity supplied equals the quantity demanded.
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