Personal Finance Unit 23 Homework

The amount of time between each paycheck.

The date on which an employee receives their paycheck.

A payment method where employees receive a fixed amount of money each pay period, regardless of the number of hours worked.

The rate of pay for working more than the standard workweek, often 1.5 times the regular hourly rate.

A deduction made from an employee's paycheck that is required by law.

A federal law that requires employers to withhold payroll taxes for social security and medicare from employee paychecks.

A government program providing retirement, disability, and survivor benefits.

An abbreviation for "Year to Date." It represents the cumulative values of a specific financial measure from the beginning of the year to the present date.

Deductions from an employee's paycheck that are not required by law, such as union dues or parking fees.

The amount of money an employee earns before any deductions are taken out.

The amount of money an employee takes home after all deductions are taken out.

A form that employees fill out to tell their employer how much federal income tax to withhold from their paychecks.

A form that employees fill out to tell their employer how much state income tax to withhold from their paychecks.

A statement that summarizes an employee's earnings and deductions for a specific pay period or year.

A tax return filed by individuals who are required to report their income and taxes owed to the government.

The amount of money withheld from an employee's paycheck for federal income tax.

A form used by both employees and employers to verify the employee's identity and authorization to work in the United States.

A form used by employees to tell their employer how much federal income tax (FIT) and Social Security and Medicare taxes (S/D) they want withheld from each paycheck.

A form used by employers to summarize an employee's annual compensation and deductions for the tax year and report these to the IRS.

Taxes paid on earnings from employment.

The maximum amount of income subject to Social Security taxes in a given year.

A state identification number assigned to employers for tax purposes.

A contribution made by an employee to a retirement savings plan, typically deducted from their paycheck before taxes are calculated.

The cumulative value of a specific financial measure from the beginning of the year to the present date.

The amount of money withheld from an employee's paycheck for federal income tax.

The amount of money withheld from an employee's paycheck for state income tax.

Documents confirming identity and authorization to work in the United States.

The amount of income an employee receives before any deductions are taken out.