Unit 2: Taxes. 5.1 Taxes and Your Paycheck 5.2 File a Tax Return. 5.1 Taxes and Your Paycheck. Goal: Describe payroll taxes and factors that determine withholding. 5.1 Key Terms (there are a lot). Payroll Tax Income Tax Federal Insurance Contribution Act (FICA) Withholding
5.1 Taxes and Your Paycheck
5.2 File a Tax Return
Important Basics to Remember:
Federal Insurance Contributions Act (FICA) tax:
The law that requires workers and their employers to contribute to Social Security and Medicare.
Your employer collects payroll taxes by deducting or withholding money from your wages.