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Paychecks And Taxes

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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Paychecks And Taxes

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  1. Paychecks And Taxes

  2. 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

  3. Paychecks and Deductions Federal and State Taxes Social Security Taxes Medicare Taxes Health and Dental Insurance Union Dues Life Insurance Long Term Care Insurance Saving Plans Pensions Uniforms Loans Charitable Contributions

  4. Net Pay The amount of money left after all deductions have been taken from your gross pay. Also known as your taken home pay. Example- Gross Pay $ 1250 Deductions - 225 Net Pay 1025

  5. 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. See Form

  6. W-2 Form 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.

  7. Taxes 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

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