The Wage Paid to Labor Is

question 68

Multiple Choice

The wage paid to labor is

• A) a factor output.
• B) a factor price.
• C) a factor input.
• D) an input of the workforce.
• E) part of the firm's normal profit.

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Definitions:

Federal Unemployment Taxes

Taxes paid by employers to fund the federal government's oversight of the state unemployment insurance programs.

Payroll Tax Expense

Represents the taxes that employers are required to pay based on the wages and salaries of their employees; this includes taxes like Social Security and Medicare in the US.

State Unemployment Taxes

Taxes paid by employers to fund the state's unemployment insurance program, providing financial assistance to workers who have lost their jobs.

Employee Payroll Deductions

Amounts withheld from an employee's salary for taxes, insurance, and other mandatory or voluntary contributions.