Payroll/Income: Flashcards
1
Q
Gross Pay:
A
Before deductions.
2
Q
Net Pay:
A
Take home play after deductions.
3
Q
Social Security/Medicare
A
0.0765 or 7.65%.
4
Q
Biweekly paychecks
A
From salary paid jobs. Every 2 weeks or 26 paychecks a year.
5
Q
Pay plans:
A
Commission. Paid for sales you make.
6
Q
W4:
A
Before you start work, you need to complete it.
7
Q
W2:
A
Wage and tax statement that your employer completes at the end of the year.
8
Q
What is in the W2:
A
Shows what you earned, and what taxes and deductions were taken out.
9
Q
1040:
A
Tax form, due April 15th (Tax Day).
