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Details

Chapter Two
Income and Taxes
10
Finance
9th Grade
01/26/2012

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Cards

Term
Gross Pay
Definition
Rate of pay before deductions are made.
Term
Deduction
Definition
Amounts subtracted from gross pay
Term
Deductions can be required by.. 
Definition
Law
Term
Regular wages (salary) + overtime = ?
Definition
Gross Pay
Term
Gross pay - deductions = ? 
Definition
Net Pay
Term
Required deductions 
Definition
State, ferderal, social security, and local taxes
Term
Tax tables
Definition
Determine tax withholding amounts 
Term
What is the W-4 statement
Definition

Amount of tax deducted or withheld from gross pay

Term
How much does NJ deduct of your gross pay?
Definition
3%
Term
The ____ allowences a person claims on their W-4 statement, the less amount of tax the empolyer will withhold. 
Definition
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