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The last step in the planning process is to ________.
Medicare Taxes
Federal taxes collected from earnings to fund the Medicare program, which provides healthcare benefits to senior citizens.
Medicare Withholding
A portion of an employee's wages that is deducted and sent to the government to contribute to the Medicare program.
Social Security Withholding
A mandatory process where employers deduct part of an employee's salary to contribute towards the United States Social Security program, aimed at providing benefits for retirees, disabled workers, and survivors.
Federal Income Tax Withholding
The process by which employers withhold a portion of employees' wages to pay directly to the government as part of the employees' federal income tax obligations.
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