Paycheck
Wages and Deductions
What is a paycheck?
land and home
What is property tax?
pay per hour
What are wages?
Form used to file taxes
What is income tax return?
adjusted gross income
What are wages, interest, and unemployment comp.
What are Deductions?
varies from county to county
What are sales tax?
Work beyond normal 40 hour week & 1- 1/2 to 2 times regular pay.
What is overtime?
single, married, filing joint
What is filing status?
10, 25, 28, 33, 35, 37
What are tax rates? (brackets)
Pay before deductions
What is gross pay?
federal, state, medicare, and social security
What is personal income tax?
set amount of money for a certain period of time
What is salary?
money made from working
What is earned income?
set amount of money subtracted from income for basic needs
What is standard deduction?
Pay after deductions
What is net pay?
cigs, liquor, gasoline
What is excise tax?
more you sell, more you earn
What is commission?
form of your yearly earned income and tax deductions
What is W2?
money made from checking and savings accounts?
What is unearned income?
more you claim, less is taken out
What is exemption?
personal, property, sales
What are direct taxes?
health insurance, vacation days, expense account
What are fringe benefits?
eligible person you supported for more than 6 months of the year?
What is a dependent?
AGI minus deductions
What is taxable income?