Pay Check
Total Pay Before Taxes
Gross Pay
How many paycheck will you receive in a year if you get paid bi-weekly?
26
Tax For living in a city
Local Tax
Another Name for Social Security
FICA
Using your chart:
Single claims 1 with a weekly income of $432.00
$42.00
Amount withheld on a paycheck
Deductions
Money earned for working over 40 hours a week
Overtime
Withholding allowances based on your marital status and number of family memebers
Personal Exemptions
Amounts that can be deducted for dependents
Exemptions
Using your chart:
FIT for Married claims 2 with a weekly income of $357.89
$8.00
Give an example of a retirement plan
401k, 403b, Simple IRA, Roth IRA, SEP IRA.
How many pay checks will you receive in a year if you get paid semi-monthly
24
A tax rate that stays the same for everyone reguardless of amount of income they earn in a year. (HINT: Pennsylvania has this type)
Flat Tax
Tax rate for Medicare
1.45%
Using your chart:
FIT Single Claims 0
Monthly income of $1,644.00
$48.00
The Record of earnings and deductions
Earning Statement
Type of work that pays per item
Piecework
State tax that consists of tax brackets that increase as your income increases
Graduated State Income Tax
The amount used to figure income tax with tax rate schedule
Taxable income
FICA:
Amount deducted from your weekly pay of $1,000.00 for FICA with a Y-T-D of $72,000.00
$62.00
The amount of money left after all tax deductions and person deductions have been subtracted
Net Pay
Fixed amount of money a worker is paid for a job
Salary
Pennsylvania's State Tax Percent
3.07%
The Form you fill out to find your withholdings
W-4
FICA AND MED:
FICA and Med deducted from your monthly pay for December if you get paid $9,0000.00 a month
FICA: $0.00
MED: $130.50
What is your net pay in PA for a married person who has 3 allowances a weekly salary of $600, pays $20.50 for medical insurance, and donated $10.00 towards charity.
FIT=$27, SIT=$18.42, FICA=37.20, MED=$8.70, Medical=$20.50, Charity=$10
$600-$121.82=$478.18
Net Pay=$478.18