Gross Pay
What is gross pay?
Pay without deductions.
Pay before taxes.
What is net pay?
The amount leftover from an employee's wages after payroll deductions, taxes, have been subtracted .
What is a contribution to federal/state revenue, levied by the government on workers' income called?
Income Tax
What do you call the amount earnings the federal government allows you to make TAX FREE?
Standard Deduction
What is the name of the benefit for being paid for not working on the 4th of July?
How many checks will you receive in a year if you are paid every 2 weeks?
26
How do we calculate net pay?
Gross pay - taxes & deductions = net pay
What is the name to the tax that supports senior healthcare?
Medicare Tax
What is the name of the form that tells the employer how much tax to deduct from your check?
W-4
What is the standard number of hours for a work week before overtime will begin?
40 hours a week
What is the gross pay calculation for an hourly employee?
Number of hours worked in the pay period times the hourly pay rate.
What is time worked beyond regular hours?
Overtime
What provides retirement benefits, and benefits for the dependent of retired workers?
Social Security Tax
What is the name of the form that summarizes your yearly income and taxes you had withheld?
W-2
Employees are given a number of days to use as sick leave or vacation time. What is this benefit called?
Paid time off (PTO)
What are all the taxes withheld from your paycheck?
The subtractions from your gross pay will include federal, state, local income taxes and Federal Insurance Contributions Act (FICA/Social
Security), Medicare
What is another name for net pay?
Take home pay or Amount of my check.
FICA medicare, State, Medicare are examples of what?
Taxes
What is the tax form (number) used to file your taxes each year?
1040
What is the difference between wage and salary?
Wage- is the employee pay based on the number of hours worked, multiplied by an hourly rate of pay.
Salary- is an agreed annual amount, paid at agreed intervals (i.e., monthly).
What is another name for gross pay?
Taxable income
Johnny has $3,000 in gross pay, $600 withheld for taxes and $400 in insurance deductions for the month. How much is his take home pay?
$2,000 take home
When will you receive a W2?
In the mail by January 31. This will show how much money you made, how much you paid in for taxes for the year.
Name 3 tax return filing status'?
What is the name of the incentive pay you receive for reaching your goals?
Bonus Pay.