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14 Cards in this Set
- Front
- Back
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Salary |
Set amount of money earned by a person in a year regardless of number of hours worked |
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FLEX Account |
Pre-tax benefit that allows employees to pay for expenses, such as daycare, before taxes - lowers tax liability |
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Exemption |
An allowance a taxpayer can claim on their W4 form if they did not have to pay taxes last year and do not expect to pay any this year. Therefore no taxes will be taken out. |
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Regular Wages |
Calculated by multiplying regular rate x regular pay. |
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Overtime wages |
Calculated by multiplying overtime rate x overtime hours |
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Gross pay |
Pay before any deductions |
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Net Pay |
Pay after all deductions are taken out |
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W-4 |
Form completed by employees when hired to set the number of exemptions they would like to claim. |
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W-2 |
Tax form returned to employees for them to file their state and federal taxes |
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Profit Sharing |
Benefit offered by some employers where profits made by the company are shared with the employees. |
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Calculate Jackies Gross Pay: Worked 45 hours. 40 hours were Regular hours Jackie is paid $10 per hour and makes time and a half for overtime |
40 x 10 = 400 regular pay 5 x 15 = 75 overtime pay = 475 gross pay |
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The more exemptions you claim, the _______ taxes are taken out of your check. |
Less |
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The less exemptions you claim, the ______ taxes are taken out of your check. |
More |
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4 Mandatory Income Taxes |
State Income Tax Federal Income Tax Social Security Medicare |
