Tax Vocab
What does FICA stand for?
Federal insurance contribution act
How much of your income will be put into housing if you are approved for housing in Frederick?
40% of your income
What is one way of employers paying their employees?
paychecks
Define sales tax
Tax on sales or tax that is on receipts
What is the name of the website used to apply for medicaid in Maryland?
Maryland health connection
what is a benefit of having a payroll card for employees?
it is safer than carrying larger amounts of cash
What is Net pay?
it is the amount of money left after all the deductions that is done to your paycheck.
Are you eligible for unemployment if you quit your job?
no, you have to be unemployed due to no fault of yours.
What is a paycheck stub?
A document included each pay period which outlines paycheck deductions.
Does state tax vary on the state?
yes it does
Is unemployment income taxable?
yes it is
What is the gross pay in a paycheck?
The amount of money before all the deductions.
what is the importance of a W2 form?
It is important because, it is a record of income that you have earned over a period of time.
What is one thing that you cannot buy from SNAP funds?
Any none food items
What is the net pay in your paycheck?
The amount of money that is left over form all the deductions.