Pay Me
A fixed amount of money per year paid to do a job is known as a
What is salary
Mandatory payment collected by a government from tax payers to cover the cost of government services, goods and activities
What is tax
This is an optional/voluntary deduction from a paycheck
What is Healthcare Insurance
money received, especially on a regular basis, for work or through investments.
What is income
the Federal Minimum wage
What is $7.25
Multiplying a workers hourly wage amount and hours worked per pay period
What is gross pay
Legally required to fill this out when starting a new job
What is a W4 form
6.2% that is withheld from employees paycheck
What is the Federal Income Tax
What are taxes
The Fair Labor Standards Act (FLSA) states that employees must receive a pay rate for hours worked in excess of 40 in a workweek of at least one and one-half times their normal rate
What is overtime pay
A fixed amount of money that is paid to an employee to do a job per hour
What is an hourly rate
The federal government tax collection department
What is the Internal Revenue Service (IRS)
The amount of money that remains on a payroll check after taxes have been deducted that a person can spend or save as he/she wishes
What is net pay
What is disposable income
The form that is used to determine the amount of money to be withheld from an employee to pay taxes
What is a W-4
What is a pay period
Sales, gift, luxury, school, estate, income, property
What are types of taxes
the rate that is withheld from gross pay for Medicare
What is 1.45%
let money do your work
What is passive income
Stocks, bonds, investing, assets
What is a portfolio?
The amount of money earned before any deductions are subtracted
What is gross pay
Typically qualify to receive payments and benefits in the future (ie. Social Security)
Who are workers who pay FICA taxes
high income earners pay more than low-income earners
What is a progressive tax
an IRS form that employers must send to an employee and the IRS every year. The form reports an employee's annual wages and the taxes withheld.
What is a W2
this is not considered a tax deduction
What is social security