Vocabulary
A regular payment from an employer, based on an hourly rate of pay.
You are paid 52 times per year.
What is weekly pay?
How much money employers pay before deductions.
What is Gross Pay?
A range of incomes taxed at the same rate.
What is at tax bracket?
If you are paid $10/hour and there is an approximate 30% deduction, your approximate wage is this number.
What is $7/hour.
The amount of money that an employee is paid per year.
What is annual salary?
You are paid 26 times in a year.
What is Biweekly pay?
Amount of money paid out after deductions.
What is Net Pay?
A deduction that goes to the US government.
What is Federal Income Tax?
If you are earning $18.50/hour, approximate your annual deductions at a rate %30 and a 2,000 hour workhour approximation.
What is $11,100 ?
Withdrawals from an employee's paycheck for taxes, health insurance, etc.
What are deductions?
You are paid 12 times per year.
What is monthly pay?
Kim earns an annual salary of $48,000 and is paid biweekly. Her approximate monthly income before deductions is this number.
What is $4,000 ?
The decimal form of 5.7% is this number.
What is 0.057 ?
The categories of deductions can be summarized into these categories.
What is Medicare, Social Security, Federal & State Income Taxes, and Health Insurance ?
A retirement savings plan offered by some employers.
What is a 401(k)?
You are paid 4 times per year.
What is quarterly pay?
You work a full-time job earning $25/hour and are paid bi-weekly. Standard deductions are 12% for your tax bracket. The amount you take home each month is this amount.
What is $3,520 ?
3.2% of a monthly income of $3,500 is this number.
What is $112 ?
If you earn $850/month, your approximate net income with a standard deduction of %30 is this amount.
What is $595 ?
The failure of an employer to pay an employee for hours worked.
What is wage theft?
You are paid once per year.
What is annual pay?
This career is in high demand because of the vast complications in calculating tax deductions.
What is an accountant?
Bart started a job that earns $60,000/year. His monthly pay will be $5,000/month. His deductions are the following: 1.5% for Medicare, 6.2% for Social Security, 15% for Federal Tax, 3.5% for State Tax and $550 for healthcare. The sum of his deductions is this amount.
What is $1,860 ?
If you are ever not paid for work completed you would file a complaint with this entity.
What is the US Department of Labor?