General Info
1.45% of earned income is what kind of tax?
Medicare
What is the most common form of payment?
What kind of documentation is acceptable for the I-9 form?
Drivers license, passport, birth certificate
define paper paycheck
the physical, more common form of payment between an employer and employee
what is workers compensation?
A benefit provided to employees who suffer work related injuries or illnesses
What is Social Security?
6.2% of someones income, the National healthcare program
This form of payment can be offered in place of a paper payceck and a direct deposit
Payroll card
The W-4 can be filed by a minor or someone other than the head of household, true or false?
False
Define taxes
The amount of money required by the government to be paid to support the government and its services
what is a perk that is stacked on top of an employees already existing salary?
Employee benefit
What percent is taken out of one's paycheck for the state withholding tax?
That depends on how much that person makes
What is it called when an employer deposits money directly into the employees account?
Direct deposit
When filing the W-4, how would a single mother file?
Head of household
Define Excise tax
an item that is tangible and is taxed due to its popularity
What is a dependant?
Someone who relies on a taxpayer for financial stability
What is FICA?
Federal Income Contribution Act
Name one protection of being paid via direct deposit
Less chance of having money stolen, employer is responsible for anything that may happen to the money
Employment eligibility verification is what form?
The I-9
Define Benefit
access to goods and services normally unable to be paid for individually
how is the total for income tax calculated?
by adding the federal and state income tax together
What includes an employee's name, address, and social security number?
Personal Information
What is a protection by having a payroll card?
Can easily be cancelled, lowers internal costs
What is a difference between the I-9 and the W-4?
I-9 is the form filed to verify if someone is able to work in the United states, while the W-4 is the form used to determine how much money to withhold from an employee's paycheck.
Define regulation E
The e=Electronic Funds Transfer Act, protects payroll card holders
what is the sales tax of Nebraska?
5.5%