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What is a payroll card?
Payment is electronically uploaded to a plastic card
What is direct deposit?
The employer deposits the employee's paycheck directly into the authorized financial institution account.
What two types of income tax returns do you need to file?
State and federal taxes
What are the 5 main types of taxes?
Income, payroll, property, sales, excise
What is earned income tax?
Money earned from working.
How do I calculate payroll taxes?
Social Security, Medicare, Additional Medicare, Federal Unemployment
What form do employees need to complete to determine how much money withdrawn from their paycheck?
W 4
What’s the benefit of being a taxpayer?
You have access to goods and services you would not pay for individually.
What is Excise tax?
Taxes paid purchasing specific items.
What does sales tax support?
The operation of local and state governments.
What is the percentage in the medicare program for payroll tax?
1.45% of earned income
What are examples of excise taxes?
Gas, Cigarettes, airline tickets, hotel rooms etc.
What is the component of income tax?
Federal income tax + State income tax
What are examples of earned and unearned income?
Wages and salaries, and interest (from a savings account)
What are some fees that employees have with payroll companies?
Monthly and annual fees, ATM fees, inactivity fee, load free
What is supplemental pay?
Supplemental pay is compensation paid in amounts that differ from an employee’s regular hourly, daily or similar periodic rate.
How does unearned income affect taxes?
Unearned income will count toward your adjusted gross income on your state and federal income tax.
What happens if taxpayers refuse to pay their taxes?
File your return and pay as much as you can. The IRS will bill you the rest and you owe interest and might owe a late tax payment penalty.
What is the Nebraska percent rate?
5.5%
What is the IRS and what is their agency?
The Internal Revenue Service is the nation's tax collection agency.