Tax & Deduction
examples of this deduction include Federal income taxes, State income taxes, Social Security taxes, Medicare taxes, and Local income taxes
What is a Mandatory Deduction?
All pay or income
What is Gross Pay or Income?
An acronym to help create good goals you can work on
What is SMRT?
Sammy works a standard work week (40 hours) at her job and works for $15 an hour. What is Sammy's gross pay for the week?
What is $600.00?
Examples of this deduction include insurance, saving and retirement plan contributions, and donations
What is a Voluntary Deduction?
Pay or income after all deductions are made from gross income.
What is Net Pay or Income?
What is Minimum Wage?
A tax on certain goods in attempts to reduce its purchase such as alcohol, marijuana, and cigarettes.
What is an Excise Tax?
Hourly pay that varies by state
What is a Wage?
A plan to save money for once you stop working such as a 401K, pension, or IRA
What is a retirement plan?
Failing to declare all income or falsifying deductions, adjustments, or credits, which can be punished with fines or jail.
What is Tax Fraud?
pay that is 1.5x regular pay and given if somebody is working more than 40 hours on a wage.
What is Overtime Pay?
Th form that individual taxpayers use to file their annual income tax returns.
What is a 1040?
reducing your taxes by claiming legitimate adjustments, tax deductions, and credits.
What is Tax Avoidance?
Set pay expressed bi-monthly, monthly or yearly; not paid by the hour.
A set fee or percentage of a sale paid to a salesperson instead of or in addition to a salary or wage
What is Commission?