Paychecks
Health insurance deductions, dental, retirement plans (401k), membership dues. Are what type of deductions?
Voluntary Dedications
Employer must sent W2 forms to employees by which date of the following year to file their taxes.
January 31st
The organization for the United States federal government, which is responsible for collecting U.S. federal taxes.
IRS Internal Revenue Service
The form is given to an employee during onboarding to withhold a percentage of federal taxes.
W4 form
Take home pay
The total amount earned minus the amount taken out from taxes and other deductions.
Net pay
What is the purpose of a W2 form?
The form shows total income earned and taxes withheld from an employer from January -December of each year.
Individuals must files their personal income taxes by what date ?
April 15th
This form allows an employee to digital send their paycheck to their personal bank account?
Direct Deposit form
How many time do you get paid in a year if you are paid bi-monthly?
24 times a year
the total amount of money you earned in a calendar year.
Year to Date (YTD)
What tax information is NOT included on this W-2
Net pay
A payroll tax deduction to pay for Social Security for 62+ and Medicare
FICA
This form proves citizenship during onboarding.
I9 forms
Jon is a part-time life guard and gets paid $200 weekly. How much will his total income be for the year.
$10,400 200 x 52 weeks in a year.
State and Local Tax
On an employee's w2 for, what is the employee's identification number know as?
Social Security Number
Identify three main ways to file income taxes?
Hire a professional, Tax preparation websites, old fashion paper filing
This form is the official documents that U.S. taxpayers use to file their annual income tax return where you report your income.
1040 form
What does FICA stand for?
Federal Insurance Contributions Act
Percentage withheld from an employee's salary and paid to a government to fund public programs.
Payroll Taxes
On an employee's W2 form, FICA taxes are withheld to pay for Social Security for 62+ and Medicare . What type of U.S. spending is this called?
Mandatory Spending
This money supports programs, which are reviewed and approved by Congress and the President each year. These include the military, education, infrastructure, and scientific research. What type of spending is this called?
Discretionary Spending
This form shows total income earned to an individual that is not an employee. The Independent Contractor is responsible for reporting taxes to the IRS.
1099 form
What are the 3 main sections for paystub?
Wages, Taxes withheld, Voluntary deductions