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| Amount of money paid for a specified quantity of labor; ex: hour |
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| Set amount of money paid for a set period of time worked |
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| Income paid as a percentage of sales made by a salesman |
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| Money paid by customers to those who provide services |
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| Compensation paid based on number of pieces or items produced |
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| Money paid in addition to base pay;reward for performance or a share of profit |
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| A form of payment to an employee |
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| An employer deposits the employee’s paycheck directly into the authorized employee’s depository institution account |
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| A prepaid card that is offered to employees as an alternative to paper paychecks or directly depositing wages into an employee’s depostiory institution |
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| This part lists the paycheck deductions as well as other important information. |
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| Length of time for which an employee’s wages are calculated |
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| Total amount of money earned during the pay period before deductions |
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| Amount of money left after all the deductions have been taken from the gross pay earned in the pay period, aka “take home pay” |
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| Money subtracted from gross pay for required taxes, employee insurance, and retirement benefits; may be voluntary or mandatory |
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| Amount required by law for employers to withhold (deduct) from earned wages to pay federal income taxes |
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| Amount deducted from an individual’s income to assist in funding government agencies within the state |
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| Federal Insurance Contributions Act funds Social Security and Medicare. Social Security taxes are based on a 6.2 percentage of the employee’s gross income. Medicare is 1.45% of gross income. |
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| Amount an employee contributed each pay period to a retirement plan. |
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| FICA employee benefits; Retirement, Survivor, Disability, Health Insurance |
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| Amount taken from the employee’s paycheck for medical benefits. |
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| Total of all deductions which have been withheld from an individual’s paycheck from January 1 to the last day of the pay period |
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| Compulsory (mandatory) charge imposed on citizens by local, state, or federal governments |
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| The higher the income level, the higher the % amount of taxes paid |
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| Impose a higher tax rate on those with lower incomes than those with higher |
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| Form required to be completed (by employee, employer, parent) if employee is minor |
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| Tax form provided by employer that states the amount of money earned and taxes paid throughout the previous year, used to file form 1040 |
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| An employee’s withholding certificate--the information provided on this form determines the percentage of gross pay to be withheld for federal income taxes |
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| Employment Eligibility Verification Form---information on this form is for employers to verify the eligibility of non-citizen individuals for employment |
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| Tax forms reporting other sources of income earned during a tax year: INT, DIV, MISC |
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| Tax form reporting Interest income on savings and/or investment accounts during the previous year |
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| Tax form reporting Dividends earned on investments during the previous year |
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| Tax form reporting Income earned from self-employment, royalties, rent payments, unemployment compensation, capital gains, & other sources |
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| Individual tax reporting form filed by April 15th for previous calendar year |
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