Exploring Personal Finance
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Created by:
camillacantrell on April 18, 2011
Description:
Unit 4
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17 terms
Terms | Definitions |
|---|---|
 Direct Deposit | An arrangement in which a person's pay is electronically transferred directly into the recipient's bank account. |
| FICA | Federal Insurance Contribution Act; Social Security taxes to provide retirement income and disability benefits. |
| Form I-9 | Employment Eligibility Verification; Documentation must be provided to verify that the person is eligible to work in the United States. |
| Form W2 | wage and tax statement; states the amount of money earned and taxes paid through the previous year |
| Form W4 | withholding allowance certificate; determines the percentage to be withheld for taxes |
| Gross pay | the total amount of money a person earns |
| Medicare tax | Nation's health care program for the elderly and the disabled |
| Net pay | Amount of income left after taxes and deductions have been taken out. |
| Pay period | start and end dates used to calculate earnings |
| Paycheck | money given to an employee for work completed |
| Paycheck stub | the part of a paycheck that allows an employee to see how much has been withheld |
| Payroll card | prepaid card instead of a paper check or direct deposit |
| Payroll withholding | the amount of money subtracted from the gross pay for taxes |
| Personal information | the employee's name address, and social security number |
| Taxes | a mandatory payment made by an individual or organization to the government for public needs |
| Withholding tax | the amount required by law for employers to withhold from earned wages to pay taxes |
| Year-to-date | totals all of the deductions which have been withheld from January 1 to the last day of the pay period |
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