| Vocabulary Words | Chapter 2.1 | Chapter 2.2 | Chapter 2.3 | Chapter 2.4 |
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| 20 | 20 | 20 | 20 | 20 |
| 30 | 30 | 30 | 30 | 30 |
| 40 | 40 | 40 | 40 | 40 |
| 50 | 50 | 50 | 50 | 50 |
| Final Question | ||||
The federal government requires employers to deduct this from employee wages.
The federal government requires employers to deduct this from employee wages.
What is Federal Income Tax or withholding tax..
This is an involuntary deduction which is 1.45% of your gross income no matter how much you make.
This is an involuntary deduction which is 1.45% of your gross income no matter how much you make.
What is medicare.
This deduction is involuntary and it is 6.2% on the first $87,900 that your make in one year.
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.
This is a sytem of state tax that involves different tax rates for each of several levels of income.
This is a sytem of state tax that involves different tax rates for each of several levels of income.
What is graduated income tax.
Another name for employee benefits.
Another name for employee benefits.
What is fringe benefits.
Social Security tax on weekly wages of $600
Social Security tax on weekly wages of $600
What is $37.20
Medicare Tax on weekly wages of $1,145.
Medicare Tax on weekly wages of $1,145.
What is $16.60
Subtract deductions from gross pay.
Subtract deductions from gross pay.
Net Pay
Total FICA tax on a weekly wage of $755 .
Total FICA tax on a weekly wage of $755 .
What is $57.78
Net pay on gross pay of $950 and deductions of $120 in Federal Income Tax and FICA at 7.65%.
Net pay on gross pay of $950 and deductions of $120 in Federal Income Tax and FICA at 7.65%.
What is $757.32
Wages plus any fringe benefits
Wages plus any fringe benefits
What is Total Job Benefits.
My Total Job Benefits if my gross pay is $49,000 and my yearly benefits is 33% of my gross pay.
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
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,
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
This equals Gross Pay + Employee Benefits
This equals Gross Pay + Employee Benefits
What is Total Job Benefits
The use of a company car, paid holidays, vacation timed and free parking
The use of a company car, paid holidays, vacation timed and free parking
What is Employee Benefits or Fringe Benefits
This equals Gross Income minus Adjustments to Income
This equals Gross Income minus Adjustments to Income
Adjusted Gross Income
The amount used for each exemption.
The amount used for each exemption.
$3,100
The amounts allowed for a standard deductions for an individual and a married couple filing jointly
The amounts allowed for a standard deductions for an individual and a married couple filing jointly
What is $4,850 and $9,700
My taxable income if I have an Adjusted Gross Income of $50,000 with a Standard Deduction of $4,850 with one exemption.
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
use page 55 in your text to find my Tax Due if I'm single and have a taxable income of $13,601
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
Another name for a fixed rate when figuring State or City Income taxes
Another name for a fixed rate when figuring State or City Income taxes
Flat Rate
The amount of City Income Tax at a flat rate of 3.1% on $36,510 Federal Taxable Income
The amount of City Income Tax at a flat rate of 3.1% on $36,510 Federal Taxable Income
$1,131.81
What is/are medical insurance, dental, union dues, 401K or charitable contributions.
Gross pay defined...
Gross pay defined...
What is pay before taxes and deductions.
Net pay/Take home pay defined...
Net pay/Take home pay defined...
What is pay after taxes and deductions.
My gross pay is $450. I am single and claim 2 allowances for federal. State tax rate is 2.5% Calculate social security and medicare. I pay $10.40 for medical insurance and give $2.50 each week for the United Way. Calculate all deductions and give your final answer as a net pay.
My gross pay is $450. I am single and claim 2 allowances for federal. State tax rate is 2.5% Calculate social security and medicare. I pay $10.40 for medical insurance and give $2.50 each week for the United Way. Calculate all deductions and give your final answer as a net pay.
What is $353.42.
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