Forms
A form that all new employees fill out
What is form W-4
Employee earning paid by the hour
What are wages
What are earnings, deductions, totals, net pay, or identification
This is a fixed percentage of amount of profit given to an employee in exchange for making a sale
What is a commission
On a pay stub, shows the amount left after taxes and deductions
What is net pay
This form is used to determine how much an individual earned throughout a year
What is form W-2
Money given to an employee by customers in exchange for a service
What are tips
Taking advantage of incentives or benefits in regards to the tax code
What is tax planning
Electronically transferred pay
What is direct deposit
Factors that affect the amount of income tax withholding
What are allowances
This form is used to file an individual's annual tax return
What is form 1040
The lowest hourly rate an employer may legally pay most workers
What is minimum wage
The name for federal income tax
FICA
Being entitled to some or all of one's retirement money after a certain period of time
The amounts actually spent on tax-deductible expenses
what is an itemized deduction
This form reports non-employment income
What is form 1099
Wages which are based on the quantity of something produced
What is piecework
This type of employee is hired for a specific period of time to complete a particular job
What is contract employee
Anything subtracted from gross pay
This reduces the amount of income that is taxed
What is a tax deduction