Tax Rates
Medicare Tax Rate
What is 1.45%
Hours paid at 1.5 the normal rate.
What is Overtime?
Form used to determine an employees federal tax withholding.
What is W-4?
The type of deductions that reduce gross wages.
What is pre-tax/section 125?
Boxes 3 on Form W-2.
What are Social Security wages?
Social Security Tax Rate
What is 6.2%?
Total wages paid to an employee before taxes.
What are Gross earnings?
Quarterly tax form used to report Federal, EE and ER Social Security, and EE and ER Medicare.
What is 941?
The 2023 401K contribution limit.
What is $22,500 or $30,000 including catch-up?
Federal Minimum Wage
What is $7.25?
The new employer SUI rate for CA?
What is 3.4% SUI / .1% Training?
Term for wages minus any mandatory deductions.
What is Disposable Income earnings?
Employer's summary copy of W-2s.
What is W-3?
This type of order take precedence over most garnishments and tax levies.
What is Child Support order?
Group Term Life becomes taxable once it meets this threshold.
What is over $50,000?
The wage base threshold that the additional .9% Medicare Tax starts being withheld at.
What is $200,000?
Term used to describe earnings that are paid to an employee.
What is Net Pay?
Right To Work Form
What is Form I-9?
401K reduces these 2 tax types.
What are Federal and State Withholding?
This gets reported in Box 12 Code DD on the W-2.
What is ER Sponsored Health?
What is the 2023 Social Security wage limit?
What is $160,200?
Term used to describe earnings that increase an employees taxable wages but are not paid to the employee.
What is Imputed Income?
Form a client receives from the IRS after registering with the agency.
What is SS-4?
The annual HSA Limit for 2023.
What is $3,850 for self and $7,750 for family?
Taxes withheld on a 1099 are called this.
What is Backup Withholding?