Unit 5 - Honey they shrunk my paycheck - Vocab

Front

Sum of all earnings for the year minus certain deductions

Back

adjusted gross income

Tags

CCSS.7.RP.A.3

Front

Report to Employer for Form W-4: number of exemptions claimed by Employee

Back

allowance

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Front

Sum of all earnings for the year

Back

gross income

Tags

CCSS.6.NS.B.3

Front

U.S. agency for income tax collection and federal tax law enforcement

Back

Internal Revenue Service (IRS)

Front

Federal healthcare program for 65+ (FICA)

Back

Medicare

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Front

Old Age, Survivor and Disability Insurance (Social Security part of FICA)

Back

OASDI

Front

Notice to employee of compensation earned, taxes, and withholdings from paycheck.

Back

Paycheck Stub

Front

Amount paid for insurance (monthly, quarterly, annually)

Back

Premium

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Front

IRS requirement for employers to deduct income taxes from paychecks

Back

withholding (FIT)

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Front

IRS form received from employer detailing total earnings and withholdings.

Back

W-2