social security info vocab – Flashcards
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tax
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a required payment to the government.
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income tax
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a portion of ones personal income paid to the government.
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sales tax
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a percentage tax imposed on the retail price of most items
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property tax
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a tax paid to local government based on the value of ones property
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social security
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a federal insurance program that provides benefits to retired persons the disabled and the spouses of deceased workers
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FICA
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the abbreviation for the federal insurance contributions act, also know as social security
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medicare
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a social insurance program that extends health coverage to almost all Americans 65 and older
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gross annual income
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the total pay or earnings over a one year period before any deductions have been made
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net annual income
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the amount of income that one has to spend in a year after all deductions have been made
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net monthly income
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the amount of income remaining after all deductions have been made over a monthly period
