Paychecks And Taxes. Payday Pay period- A length of time for which an employee’s wages are calculated. Weekly – paid every week Biweekly- paid every other week Monthly- paid once a month Delay period- time between work period and pay period. Paychecks and Deductions
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Pay period- A length of time for which an employee’s wages are calculated.
Weekly – paid every week
Biweekly- paid every other week
Monthly- paid once a month
Delay period- time between work period and pay period
Federal and State Taxes
Social Security Taxes
Health and Dental Insurance
Long Term Care Insurance
The amount of money left after all deductions have been taken from your gross pay. Also known as your taken home pay.
Gross Pay $ 1250
Deductions - 225
Net Pay 1025
W-4 Form- Employee’s withholding allowance certificate, a form filled out by an employee when beginning a new job. It determines how much of the employee’s pay should be withheld for taxes.
A dependent- A person, such as a child or nonworking adult, who relies on a taxpayer for financial support.
Wage and tax statement, a form showing how much a worker was paid and how much income was withheld for taxes in a given year.
Internal Revenue Service (IRS) – is the agency that enforces the tax laws and collects taxes
Income Tax- A tax paid on all forms of earnings
State Federal Local
Social Security Tax-Paid in order to receive income after you stop working
Federal Insurance Contributions Act (FICA)- Allows the federal government to reserve a percentage of paycheck for social security tax
Any one who earns money must file a tax return!!
Tax Penalties- Minor for mistakes
Major for intentional errors and fraud