Getting Paid
What is the difference between hourly wage vs salary?
hourly workers are paid for every hour worked, including overtime, while salaried employees receive a set, predictable base amount per pay period, regardless of hours worked
A federal law that requires an employer to withhold taxes from the wages they pay their employees; the funds go toward Social Security and Medicare
FICA (Federal Insurance Contributions Act)
Receive in the mail or electronically in January
One for every job you work as an employee
Shows how much you earned and how much you already paid in taxes
W-2
Last day to submit income tax forms or to request an extension
April 15th
An amount that a government gives back to a taxpayer who has paid more taxes than were due
Tax Refund
Total earnings before any deductions are taken
Gross Pay
A federal program that provides monthly benefits to millions of Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals
Social Security
Complete this when you start a new job
List information about yourself and your family
Determines how much money gets taken out of each paycheck
W-4
Deadline for employers to mail W-2s to their employees. Also the deadline for payers to send 1099s (for contract work or other forms of income).
January 31st
Someone you financially support who can be "claimed" on a tax return to reduce your taxable income and lower your taxes
Dependent
Total earnings after payroll taxes and other deductions have been taken out; also called take-home pay
Net Pay
A government-run insurance program that provides healthcare assistance to elderly and disabled Americans
Medicare
Filing deadline is in April
Most people who earned income last year should complete this
1040
The deadline to file tax returns that received extensions.
October 15th
IT-2104
NYS Income Tax form
What is the difference between a pay period vs pay date?
A pay period is the block of time during which you work and earn wages (e.g., Jan 1–15). A pay date is the specific day your wages are deposited into your account or you receive your paycheck
What are Federal and State Income Taxes used for? Provide specific examples
Federal income taxes fund nationwide programs and national priorities, while state income taxes are collected by individual states to cover localized services
[examples]
Arrives in the mail or electronically in January
You get me if:
You are NOT an employee, but were paid by a company
You sold investments (for a loss or gain)
You received dividend or interest payments
You earned other types of income
1099
First day of the calendar year. Your earnings for the year begin on this date.
Last day of the calendar year. Your yearly earnings are final after this date.
January 1st
December 31st
The extras an employer provides employees in addition to pay, such as health insurance or paid time off
Benefits
What is the Federal minimum wage?
What is the NYS minimum wage?
Federal: $7.25/hr
NYS: $16/hr
A retirement savings plan, sponsored through your employer who will often match your contributions, that allows an individual to save for retirement and have the savings grow while deferring taxes until funds are withdrawn
401(k)
403(b)
Roth
Complete this when you start a new job
Used to prove that you are eligible to work in the U.S.
Must provide identification when submitting
I-9
The first day you can submit tax returns for the previous year.
January 26, 2026
An automatic electronic deposit of net pay to an employee's designated bank account
Direct Deposit