Jobs and Paychecks
What are the different pay schedules discussed in class?
Weekly, Bi-weekly, Semi-monthly, Monthly
What is the federal witholding tax
The amount required by law for employers to withhold from earned wages to pay taxes
what are taxes
a sum of money required by the government to support the government
what is federal income tax
The federal income tax is the tax levied by the Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities.
What types of identification are necessary to obtain a job?
Driver's license or ID card, Social Security or US Passport, US Resident Card
what is state witholding tax
The percentage deducted from an individual’s paycheck to assist in funding government agencies within the state
people who pay taxes are called what
Tax payers
what is payroll tax
a set percentage of earned income that is deducted from each paycheck
Who is responsible for making sure that an employee's income is taxed?
The employer
what are deductions
The amount of money subtracted from the gross pay earned for mandatory systematic taxes, employee sponsored medical benefits, and/or retirement benefits
Income tax
tax on earned and unearned income
what is property tax
a percentage of value of owned property
Different things that employers offer their employees that are in addition to their hourly rate of pay or salary.
Benefits.
What does I.R.S. stand for?
Internal Revenue Service
what is unearned income
money recieved from sources other than employment
tax paid on puchaces of services and goods
What are some different ways that a company can issue your pay?
Company check, Direct deposit, or a payroll card.
what is social security
Nation’s retirement program, helps provide retirement income for elderly and pays disability benefits
what is a earned income
What is a gift tax?
Tax paid when a living person transfers goods or property to another living person.