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Payroll deductions and pay vocabulary

Zachary Ewert Inglés 25 fichas

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1vocab 1 1099 Zach Ewertis on of the IRS tax forms used to prepare and file an information return to report various types of income other than wages, salaries, and tips.(savings accounts, lottery, etc)
2ZE 2 deductionis an amount of money withheld from the gross pay for taxes, medical benefits, union dues, etc.
33: city withholding tax ZEa percent deducted from individual’s paycheck to assist in funding government agencies within a city.
44: FICA ZEa payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund Medicare and Social Security
55: Fixed Expense ZEexpenses that stay basically the same from month to month, such as rent, transportation, and tuition.
66: Financial Well Beingis defined as having financial security and financial freedom of choice, in the present and in the future.
77: Garnishments ZEa court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor.
88: Gross Domestic Product ZEMeasures of the value of all goods and services produced by a nation during a specified period of time.
99: Gross pay ZEthe entire amount of your income or paycheck before any deductions – like taxes or insurance payments – are subtracted
1010: IRS ZEThe U.S. government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications.
1111. Budget/Spending plan ZEa paper or electronic document used to record planned and actual income through expenditures over a period of time
1212. Checking account ZEcash deposited into an account to make future cash purchases or withdraws. Cash purchases can be made by debit card, check, or electronic transfer. Cash can be withdrawn using a debit card or AT
1313. W2 ZEis the form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year that includes the employee's wages.
1414. W4 ZE(Employee’s Withholding Allowance Certificate)The form that determines the percentage of an employee’s pay that will be withheld for federal taxes
1515. Voluntary Deduction ZEdeductions from wages that are withheld from an employee's paycheck that are optional such (child care expenses, optional vision insurance, gym membership, union dues, etc)
1616. Values ZEan individual’s beliefs about what is important, desirable, and worthwhile, which often influence decisions.
1717. Union Dues ZEare regular required payments of money made by it’s members. dues cover various activities which the union engages in.
1818. To do goals ZEcovers the endless list of thing you might want to accomplish.
1919. Reconciliation ZEa report that accounts for all the differences between a bank statement and personal records (recommend to be done monthly)
2020. Salary ZEthe minimum annual money received or the standard salary which an employee receives for doing a specific job includes a bonus or extra incentives.
2121. Self Employed ZEworking for oneself or the owner of a business rather than for an employer. Required to pay self employment tax (including Medicare and Social Security Tax)
2222. Standard of living ZEdegree to which one has the ability to obtain the goods and services one needs and wants.
2323. Social Security ZEthis tax is taken to provide support for retirement income and disability benefits. 6.2% of an employee’s gross income.
2424. Periodic expense ZEexpenses that happen occasionally throughout the year, but not a fixed amount that occur each month. (e.g. car repair, holiday gifts)
2525. Mandatory Deduction ZEThe employer is required by federal and/or state law to deduct a certain amount of the employee's pay and send it to an institution or governmental agency for the purpose of satisfying the employee's debt, or contribution to the employee's retirement account, or tax withholding.