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4.01 Understanding A Paycheck Vocabulary
Transcript of 4.01 Understanding A Paycheck Vocabulary
payment given with a paper check with a paycheck stub attached
employers directly deposit employee’s paycheck into the authorized employee’s depository institution account
Funds are directly deposited by an employer into an account at a depository institution that is linked to the payroll card
Protects payroll card holder from fraudulent charges on lost or stolen cards
Used to provide public goods and services
Internal Revenue Service
– Collects federal taxes, issues regulations, and enforces tax laws written by the United States Congress.
Employee’s Withholding Allowance Certificate
Determines the percentage of gross pay which will be withheld for taxes
Used to determine the amount of federal taxes withheld from the paycheck
a person who relies on the taxpayer for financial support
States the employee's full name, address, and Social Security or Employee Identification number
The length of time for which an employee's wages are calculated; most are weekly, bi-weekly, twice a month, or monthly
The total amount of money earned during a pay period before deductions
The amount of money left after all deductions have been withheld from the gross pay earned in the pay period
The amount of money subtracted from the gross pay earned for mandatory systematic taxes, employee sponsored medical benefits, and/or retirement benefits
Federal Withholding Tax
The amount required by law for employers to withhold from earned wages to pay taxes
The amount of money deducted depends on the amount earned and information provided on the Form W-4
Largest deduction withheld from an employee's gross income
Employment Eligibility Verification Form
Used to verify the eligibility of individuals to avoid hiring undocumented workers or others who are not eligible to work in the United States
A document included each pay period which outlines paycheck deductions