Net Pay VS Gross Pay
What is gross pay?
Total paycheck earning before payroll tax
Definition: Wages that employees must pay taxes on
Taxable wages
What are the supported pay frequencies?
Weekly, Monthly, Semi-Weekly, and Monthly
What pay frequency does Intuit use?
Bi-Weekly
Which payroll tax has a wage limit?
Social Security, FUTA, and SUI
When are post-tax/after tax deductions calculated?
After the Pre-Tax totals are deducted from the gross income
Definition: Total amount of wages before taxes and deductions
Gross Wages
What months are in each quarter?
Q1 Jan - Mar
Q2 Apr - Jun
Q3 Jul - Sep
Q4 Oct - Dec
How many paychecks are on a Monthly schedule in one year?
12
What is the wage base for Social Security?
137,700
What is net pay?
The total take-home pay (After tax and deduction total)
Definition: Maximum wages that can be taxed in a given year
Wage Base
What is a Pay Schedule?
The calendar used to determine pay dates
How many paychecks are on a weekly schedule in one year?
52
What is the wage base for FUTA?
7000
Why are cash tips not included in gross pay?
Cash tips are not paycheck earnings, they are reported on the paycheck for tax purposes but are not calcuated earnings
What can impact taxable wages
Pretax Deductions
Fringes Benefits
Allowances
What is a Pay Period?
The length of time hours are accrued for a paycheck
How many paychecks are on a BiWeekly schedule in one year?
26
What is the wage base for SUI?
Depends on the State
What is the KB ID for Met Pay vs Gross Pay?
ID1784280
Where would you direct an employer to look for details on taxable and non-taxable items?
Publication 15
What is the rule called that identifies the tax implication as of the date of the check?
Constructive Receipt
How many paychecks are on a Semi Monthly schedule in one year?
24
When does an employee have to pay the additional medicare tax?
On wages greater than 200,000