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SOCIAL SECURITY TAX: A tax on wage earnings that's used to fund the Social Security system. In principle, the Social Security tax is divided equally between employer and employee--your share is listed under the FICA heading of your paycheck. In practice, however, employees really end up paying both employee and employer contributes. The reason is that employers need to consider the entire cost of hiring an employee, including wages, fringe benefits, and assorted taxes. The more they pay in these nonwage items, like Social Security taxes, the less they pay in wages. In that the Social security tax is only on earnings, and excludes profit, interest, and rent, it tends to be a regressive tax.
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AVERAGE FACTOR COST CURVE A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.
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Gambling On A State LOTTERYYou might recall during our discussion of gambling in the entry appropriately titled gambling, that I purchased $5 worth of Super Luck-O Multi-State Lottery tickets at the Master's Sprocket convenience store. Well, the day of the big drawing came and went. I was about as close to winning as the planet Pluto is to buying a Hot Mamma Fudge Bananarama Ice Cream Sundae on a cold winter morning. At least the five dollars I paid for lottery tickets goes to a good cause. The state uses a share of the proceeds for education, and that keeps my taxes lower. If you'll excuse me for a moment, I've got another ten bucks in my pocket screaming for the chance to by some more Super Luck-O Multi-State Lottery tickets. While I'm doing that, why don't you see if this is a wise consumption move on my part.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for high interest rates.
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This isn't me! What am I?
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"If we all did the things we are capable of doing, we would literally astound ourselves." -- Thomas Edison
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LIML
Limited Information Maximum Likelihood
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