W-4 Form
Who fills out the W-4 form?
You!
What is the difference between gross pay and net pay?
Gross pay is BEFORE taxes
Net pay is AFTER taxes
Name the deduction:
amount taken from your paycheck to pay for local and federal taxes
payroll deductions
What is...
Typically, the dollar value of something such as income, property, or an amount spent for a good or service
Tax Base
Name one good/item the federal government places an excise tax on.
Tobacco, Alcohol, Gas, Tires
The W-4 form is used to determine the number of _____, also known as the amount of taxes withheld from your paycheck.
allowances
What is?
Employee is paid based on sales they have made and usually they keep a percentage of the total value of the sale(s) made
Commission
What is...
describes how the tax rate changes as the size of the tax base changes
Tax structure
Property taxes are typically
a. proportional
b. regressive
c. progressive
a. proportional
The more allowances you claim the (more/less) taxes will be withheld. This means you may (owe money/receive a refund) during tax season.
less, owe money
What is?
Supplemental wages an employee earns from customers in addition to regular wages
Tips
What is the percentage of FICA taxes that employees pay?
7.65%
tax rates increases as the tax bases increases
Progressive Tax
4%
How many allowances can someone claim if they are married with a child?
3
What is?
This type of pay is normally a fixed amount per year which is then divided by weekly or monthly pay
Salary
When do Social Security benefits begin?
Full retirement age- 65 years
Name the tax structure:
tax rate stays the same for all tax bases
Proportional (Flat) Taxes
Income taxes include what two forms?
Federal Income and State
If you are single with one job, what is the most appropriate number of allowances to claim?
0
What is?
Under the Fair Labor Standards Act, employers are required to pay 1.5 times the wages to for work over 40 hours in one work week
Overtime pay
What does FICA stand for?
Federal Insurance Contribution Act
Name the tax structure:
The tax rate decreases as the tax base increases
Regressive Tax
Income taxes in GA are
a. regressive
b. progressive
c. proportional
b. progressive