Paychecks
Deductions an employee requests to be withheld from their paycheck?
Voluntary Deductions
An employee that is paid a set amount of money for each hour they work?
Hourly Employee
This tax form shows total income earned by an employee and taxes withheld from an employer from January -December of each year?
W2 Form
Employers must send a W2 or 1099 forms to employees by what date?
January 31st
SALT
State and Local Tax
The total amount earned minus the amount taken out from taxes and other deductions?
Net Pay or Take Home Pay
Employees that are entitled to overtime if worked more than 40 hours per week?
Non- Exempt Employee
The form shows total income earned to an individual that is not an employee?
1099 Form
What is the deadline to to file their annual personal income taxes?
April 15th
IRS
Internal Revenue Service
A document that summarizes total earnings during a specific pay period?
Paystub
A self-employed individual who takes on projects on a contract basis with clients?
independent contractor
An official document U.S. taxpayers use to file their annual income tax return where you report your income?
1040 Form
How many pay periods in a calendar year will an employee have if they get paid weekly?
52 weeks in a year
401K
Retirement Savings
What are the two types of federal spending?
Mandatory and Discretionary Spending
Employees that are not entitled to overtime if worked more than 40 hours per week?
Exempt Employee
A form the employee fills out to determine how much employers should withhold from their paycheck for federal income taxes?
W4 form
How many pay periods in a calendar year will an employee have if they get paid bi-weekly?
26 weeks in a year
Year to Date Earnings
What is the percentage of Americans are living paycheck to paycheck?
61%
An employee that gets paid a set amount of money for their work regardless of the number of hours worked?
Salaried Employee
What are three ways to prepare and file taxes?
Old-fashioned paper filing
Tax preparation websites
Hiring a tax professional
How many pay periods in a calendar year will an employee have if they get paid bi-monthly?
24 weeks in a year
FICA
Federal Insurance Contributions Act