Financial and Tax Terms

Front

What is a 401K?

Back

An employee-sponsored qualified retirement plan.

Front

Income Tax is:

Back

A tax on income

Front

The Internal Revenue Service is responsible for enforcing tax law and collecting taxes on behalf of which government?

Back

U.S.

Front

Net Pay refers to the earnings an employee takes home after what?

Back

Deductions

Front

A Pay stub is a short summary outlining an employee’s total earnings and deductions for what periods?

Back

Individual and cumulative pay periods

Front

Payroll deductions are:

Back

Involuntary and voluntary amounts withheld from an employee’s total earnings

Front

Payroll taxes are imposed by the government based on what?

Back

Employee earnings

Front

Post-tax payroll deduction is an amount deducted from an employee’s earnings after what?

Back

All necessary taxes have been withheld.

Front

Pre-tax payroll deduction is an amount deducted from an employee’s total earnings before what?

Back

Any taxes are withheld

Front

Qualified Retirement Plan is approved by which agency? A) IRS, B) FDA, C) EPA, D) SEC

Back

IRS