Paychecks Flashcards
(23 cards)
Gross Pay
The total amount and employees paid before deductions
net pay
the amount an employee is paid after deductions
Weekly salary
them out and employees paid every week
hourly rate
The amount and employees paid per hour
deduction
money withheld or taken out of your paycheck
federal tax
money distracted from your paycheck that goes to the US gov’t
state tax
what is deducted from your paycheck that goes to the state government
local tax
money deducted from your paycheck that goes to the city/local government
medicare
Federal program whose main purpose is to help pay for health care for people over the age of 65
F.I.C.A
Federal income contributions act, also known as Social Security and Medicare
social Security
funds retirement, disabled, premature death of a parent or a death of a spouse in a family with children
payroll tax
taxes withheld from your pay by your employer
overtime
amount of time worked over regular 40 hour work week
Dependant
A person who relies on the taxpayer for support
Direct Deposit
wages deposited directly into a bank account
W-4
determines the amount of federal tax to be withheld from an employee’s pay
pay period
regular schedule in which employers pay employees
Pay stub
outlines the deductions made to wages
W-2
form that tells how much total tax a worker paid during a year
Financial planning
A tool used to achieve financial success based upon the development and implementation of financial goals
income
money received, especially on a regular basis, for work or through investments
401k
A retirement savings plan sponsored by an employer. It lets workers save and invest a piece after paycheck before taxes are taken out.
Sales commission
a sum of money paid to an employee upon completion of a task, usually selling a certain amount of goods or services.
