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Unformatted text preview: income. The tax rate increases as income increases. 6. social security : 6.2% is deducted on the first $62,700 of incomes. It is used for retirement and disability benefits. 7. medicare : 1.45% is paid on all your earnings. It is used for hospitalization insurance. 8. group insurance : insurances offered to a group at a lower cost. The employer pays part of the cost and the rest is deducted from your pay. 9. net pay : subtract your total deductions from your gross pay....
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This note was uploaded on 01/24/2012 for the course HUM 9999 taught by Professor Variousprofessorslisted during the Summer '06 term at Abilene Christian University.
- Summer '06