3 Methods of Paying
Tax Forms
Taxes
Deductions
Misc.
100
What is the popular method of paying an employee?
Pay Check
100
Known as a Wage & Tax Statement
W-2 Form
100
What are compulsory charges imposed on citizens by local, state & the federal government?
Taxes
100
What is the amount required by law for employers to withhold from earned wages to pay taxes called?
Federal Withholding Tax
100
What is a length of time for which an employee's wages are calculated called on a paying method?
Pay period
200
What is the most secure method of paying an employee?
Direct Deposit
200
What is the form known as an Employee's Withholding Allowance Certificate?
W-4
200
Progressive or Regressive-What is the tax called that as a person earns, the more he/she pays in taxes?
Progressive Tax
200
What is the tax that is withheld to assist in funding government agencies in the state?
State Withholding Tax
200
What is gross pay minus deductions?
Net Pay
300
What paying method would this be called when the employer directly deposits the employees paycheck into the authorized employees account?
Direct Deposit
300
What form is the Employment Eligibility Verification Form called?
I-9
300
Progressive or Regressive Tax-What is the tax called that as income rises, the tax percentage remains the same or decreases?
Regressive Tax
300
What is FICA?
Federal Insurance Contribution Act
300
What is the name of the government agency responsible for collecting federal taxes?
Internal Revenue Service-IRS
400
This method of paying an employee works by the employer electronically depositing net pay onto a card.
Payroll Card
400
What form, regardless of the job, does every new employee be asked to complete?
W-4
400
Progressive Or Regressive: Examples of these taxes include Federal & State taxes--
Progressive Tax
400
What two deductions are withheld under the FICA heading?
Social Security & Medicare
400
What does Social Security Fund?
The Nation's Retirement program for the elderly & retired
500
This form of payment is protected through Regulation E
Payroll Card
500
What Tax Form is necessary for all employees, citizens & non-citizens to complete at the time of hire?
I-9
500
Examples of this tax include Medicare & Social Security
Regressive Tax
500
What is the approximate percentage of an individual's paycheck is deducted for taxes?
31%
500
Who determines the federal income taxes?U.S. Congress
U.S. Congress
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