Taxes
A mandatory financial charge that is taken out of all paychecks
What are taxes ?
How much money you earned before deductions were taken out
What are Gross Wages?
Taxes, insurance premiums, and the cost of other programs that are subtracted from your gross wages
What is a deduction?
If your Gross Pay is $500 and you pay $100 in deductions, what is your Net Pay
$400
The nationwide government tax taken out of every individual's pay check
What is Federal Tax
Gross pay minus all the deductions. This is your “take-home” pay.
What is Net Pay ?
This governmental program provides benefits to retired people and the disabled & is deducted from every paycheck
What is social security ?
FICA $35.67
Fed. Taxes $45.67
State Taxes $23.45
$104.79
Amount your employer withholds to pay your state income tax
What is the state tax ?
The total amount of money earned all year BEFORE deductions
What is Year-To-Date Gross ?
You must be 65 to qualify for this federal health insurance program
What is Medicare ?
Your rate of pay is $14.50.
You worked 10 hours
What would be your gross income?
$145.00
Amount withheld by your employer to pay your Medicare tax
What is Medicare Tax?
Total amount of money "taken home" all year
What is Year-To-Date Net Pay?
Income for after you stopped working
What is retirement fund ?
Which is more, your Gross Income or your Net Income?
Why
Gross Income
Because that is income before any deductions are taken out.
Amount withheld by your employer to pay into your Social Security account
What is social security tax ?
Total amount of taxes & other deductions that have been taken out all year
What is Year-To-Date Deductions?
Calendar days included in the paycheck
What is the pay period ?
Roughly, what is the minimum wage for Ohio?
$10.70