Tax
Deductions
Deductions
tax deducted from an individual’s paycheck based on their net income
What is Income Tax?
an attachment to your paycheck that shows the amount earned and details the payroll deductions.
What is Pay Stub?
the amount of tax on earnings at the state level based on percent of income.
What is State Income Tax?
tax applied to personal property, such as a house or automobile
What is Property tax?
will help you make smart financial decisions.
What is Cash Flow?
through city and county taxes.
What is Local Income Tax?
tax deducted from an individual’s paycheck, such as for Social Security and Medicare.
What is Payroll Tax?
A negative cash flow
What is a Deficit?
the amount of federal tax on earnings imposed by the IRS based on tax tables.
What is Federal Income Tax?
tax applied on the sale of goods and services, usually calculated as a percentage of the purchase price and collected by the seller.
What is Sales Tax?
A positive cash flow
What is a Surplus?
Employee’s Withholding Certificate.
What is Form W-4?
take-home pay.
What is Net Pay?