Basic W4 Info
Who must fill out a W4?
Every employee must fill out a W4.
Define Medicare
Medicare is federal health insurance for people 65 or older, some younger people with disabilities, people with End-Stage Renal Disease.
Define Taxable Income
the amount of a person's or company's income, minus exemptions and deductions, that can be taxed.
Define Year to Date
a term covering the period between the beginning of the year and the present.
What kind of pay period is this pay period? 1/1/23-1/8/23
Weekly
Who does the W4 get sent to?
IRS
Define Social Security Tax
The tax levied on both employees and employers to help contribute to the Social Security program.
Define Allowances
A sum granted as reimbursement or bounty or for expenses.
Define Pay Period
a regularly scheduled duration of time when workers earn wages that will be paid to them on their next paycheck.
What is a 1040?
A form used by U.S. taxpayers to file an annual income tax return.
What is a W4 also called?
Employee's Withholding Certificate
Define Federal Income Tax
A tax on individuals, businesses, and others that help contribute to any cost on the federal level.
Define Paper Paycheck
a check that an employer gives to the employee for the payment of wage.
Define Payroll Card
a type of prepaid debit card for your employees.
What is a W2?
A template given to so employees can report their wages made and taxes taken.
What personal info is written on a W4?
Name, Social security, and Address.
Define Unearned Income
Income made off of investments or gambling.
Define Direct Deposit
Define Pay Stub
a document issued by an employer that shows an employee's gross earnings, deductions from those earnings, and net pay.
What does exempt mean?
Exempt means that a person may be free from federal tax deductions on wages.
What is the most common reason for filling out a W4?
It determines how much should be withheld from your paycheck for federal income taxes.
Define FICA
Federal Insurance Contributions Act- This helps fund Medicare and social security.
Define Standard Deduction
a specific dollar amount that reduces the amount of income on which you're taxed.
What is the standard deduction for 2023?
$13,850
What is an I-9 Form?
verify the identity and employment authorization of individuals hired for employment in the United States.