Paycheck Basics

What two does must an employee complete when beginning a new job?

Form W-4 and Form I-9

amount of money left after all deductions have been taken fro, the gross income earned in the pay period

gross income

the amount of money subtracted or deducted from the gross income for taxes

net income

Calculated by multiplying the number of hours worked by the hourly wage

payroll withholdings

Services our tax dollars are used for?

police, schools, roads, emergency services, government agencies etc.

what does Social Security fund?

Nations retirement program

What does the Form W-4 determine?

Amount of gross income which will be withheld for taxes

Employers directly deposit an employee's paycheck into his/her bank account and send the employee in the pay stub.

Direct deposit

What documentation must be provided to complete a Form I-9?

Drivers license, Social Security card, Military ID card, birth certificate

The length of time for which an employee's pages are calculated.

Pay period

What are the three methods discussed that an employer may use to pay his/her employees.

Paycheck, direct deposit, payroll card

Electronically carries the balance of the employee's net income.

Payroll card

what two tax forms are represented with FICA?

Social Security and medicare

required charges of citizens by local, state, federal governments.

Taxes

totals the payroll withholdings that have been deducted from the paycheck from January 1 to the last day of the pay period

Year to Date

What information is provided on the Form W-4?

amount of money earned and paid in taxes throughout the previous year