Terms
This is a document that summarizes a person's pay for a specific pay period.
What is Paystub?
This gives you the amount of money you made BEFORE taxes are deducted.
What is gross pay?
Minimum wage in NY
What is $15
This is the largest expense when it comes to federal taxes.
What is healthcare costs
If you overpaid your taxes throughout the year, you would likely receive this when you submit your tax return.
What is a refund?
What is paycheck?
This gives you the amount of money you take home AFTER deductions are subtracted.
What is net pay?
This is when you work 35-40 hour per week
What is Full time?
This federal expense covers nuclear weapons activities, war costs, and international security assistance
What is national defense?
You are required to file taxes by this date
What is April 15th?
This is who issues your funds on your paystub.
What is employer?
After deductions are subtracted from gross pay.
What is left is Net pay.
This is when you work More than 40 hours per week
What is overtime?
Payments to retired and disabled individuals and costs associated with managing the Social Security program
What is Social Security?
Employees that are freelancers, self-employed workers, or independent contractors are considered this for tax purposes.
What is a 1099 employee?
An IRS form that tells the employer the correct amount of federal tax to withhold from an employee's paycheck.
What is a W-4?
Another name for withholdings
What is deductions?
This is when you work less than 30 hours per week
What is part time work?
If you are single, if you earn more than this amount you are required to file taxes
What is $13,850?
Employers are required to send you your W-4 by this date every year.
What is January 31st?
This is an (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them.
What is a W-2.
Your total take-home pay for the year so far
What is YTD Net Pay?
This is when you will get paid 1.5x more than your regular pay for working a holiday.
What is the Holiday Pay?
A mandatory deduction to pay for Social Security and Medicare
What is FICA?
This is the form you complete to file your taxes
What is a 1040 form?