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Payroll Project #1 Define the following terms, in most instances a paragraph or so will be required to fully define: Federal Withholding Taxes Federal Insurance

Payroll Project #1

Define the following terms, in most instances a paragraph or so will be required to fully define:

Federal Withholding Taxes

Federal Insurance Contributions Act

Employment Security Taxes

Wages

Overtime Premium

What is an IRA?

What is Net Pay?

Who is responsible for paying FICA Taxes?

Who is responsible for sending FICA taxes to the Federal Government?

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