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| Federal Insurance Contributions Act. This tax includes 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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| The amount an employee contributed each pay period to a retirement plan. |
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| The amount taken from the employee’s paycheck for medical benefits. |
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| The 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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| A compulsory charge imposed on citizens by local, state, or federal governments. |
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| The higher the income, the higher the amount of taxes paid |
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| They impose a higher tax rate on those with lower incomes than those with higher |
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| States the amount of money earned and taxes paid throughout the previous year |
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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 taxes |
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| Employment Eligibility Verification Form---the information on this form is for employers to verify the eligibility of individuals for employment. |
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Tax forms that report other sources of income earned during a tax year.
• 1099-INT- Interest income earned on savings and/or investment accounts during the previous year.
• 1099-DIV- Dividends earned on investments during the previous year.
• 1099-MISC- Income earned from self-employment, royalties, rent payments, unemployment compensation, and other sources. |
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