| Vocabulary Words |
| #1 |
The federal government requires employers to deduct this from employee wages. |
What is Federal Income Tax or withholding tax.. |
| #2 |
This is an involuntary deduction which is 1.45% of your gross income no matter how much you make. |
What is medicare. |
| #3 |
This deduction is involuntary and it is 6.2% on the first $87,900 that your make in one year. |
What is social security tax. |
| #4 |
This is a sytem of state tax that involves different tax rates for each of several levels of income. |
What is graduated income tax. |
| #5 |
Another name for employee benefits. |
What is fringe benefits. |
| Chapter 2.2 |
| #1 |
Wages plus any fringe benefits |
What is Total Job Benefits. |
| #2 |
My Total Job Benefits if my gross pay is $49,000 and my yearly benefits is 33% of my gross pay. |
What is $65,170 |
| #3 |
My Net Job Benefits if my gross pay is $36,500 and my yearly benefits is 23% of my gross pay and job expenses of $3,300, |
What is $41,595 |
| #4 |
This equals Gross Pay + Employee Benefits |
What is Total Job Benefits |
| #5 |
The use of a company car, paid holidays, vacation timed and free parking |
What is Employee Benefits or Fringe Benefits |
| Chapter 2.3 |
| #1 |
This equals Gross Income minus Adjustments to Income |
Adjusted Gross Income |
| #2 |
The amount used for each exemption. |
$3,100 |
| #3 |
The amounts allowed for a standard deductions for an individual and a married couple filing jointly |
What is $4,850 and $9,700 |
| #4 |
My taxable income if I have an Adjusted Gross Income of $50,000 with a Standard Deduction of $4,850 with one exemption. |
What is $8.65 |
| #5 |
use page 55 in your text to find my Tax Due if I'm single and have a taxable income of $13,601 |
What is $1,686 |
