gross pay
pay without deductions
what is gross pay?
take home pay
what is net pay?
a compulsory contribution to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.
what is tax?
money taken out of pay other than taxes
what is a deduction?
52 checks
how many checks weekly per year?
net pay is your take home money and gross pay is the deductions.
what is the difference between net and gross pay?
gross pay - taxes & deductions = net pay
how do we calculate net pay?
employer withhold payroll taxes and income tax employee pay.
what is payroll tax?
qualifying child and relative.
who can you claim as a dependent?
40 hours a week
how may hours is full time wage?
multiplying the number of hours worked in the pay period times the hourly pay rate.
whats the gross pay formula?
time worked beyond regular hours
overtime
provides retirement benefits, and benefit for the dependent of retire workers.
what is social security tax?
exemptions for qualified dependents also tax credits for child care expenses and adoption expenses
what are tax deductions for parents and families?
a fixed regular payment, typically paid on a weekly basis
what is a wage?
These subtractions from your gross pay will include federal, state and local income taxes, if applicable. It will also include the Federal Insurance Contributions Act deductions known as FICA.
where does gross pay go to?
The Lifetime Learning Tax Credit provides a tax credit of up to $2,000 per taxpayer for education expenses.
what is life net pay?
what kind of taxes are there?
child support, taxes, and retirement
what are some types of deductions?
Under this system, the worker is paid by the hour, day, week, or month.
what is a time wage?
taxable income
what is another name for gross pay?
$2,400 take home
3,000- 600 deductions = how much net pay?
its a non refundable credit that allows qualifying taxpayers to reduced there tax liability.
what is a child tax credit?
The standard deduction for single taxpayers and married couples filing separately is $6,350 in 2017,
whats the single tax payer deduction?
Contract laborers, or independent contractors, are not employees of a company -- even though they may perform work for a company
what is contract wage?