Paycheck
How much Percent is taken out of an individuals taxes Roughly??
31%
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.
How does the US Tax System Operate
Ongoing Payment System
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 a Handling a paycheck
The Employee
what is 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
What is direct Deposit
the electronic transfer of a payment directly from the account of the payer to the recipient's account.
what does fica stand for
Federal Insurance Contribution Act
what is unearned income
money recieved from sources other than employment
tax paid on puchaces of services and goods
what is a payroll card
a payroll card is a prepaid card arranged by an employer for the purpose of paying its employees' wages or salary.
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 exciese tax
Excise taxes are taxes paid when purchases are made on a specific good, such as gasoline.