Unit 1 Review Payroll and Tax Terms

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FICA MED Tax

Back

The federal payroll tax that pays for Medicare.

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FICA SS Tax

Back

The federal payroll tax that pays for Social Security.

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FED Tax

Back

Federal income tax.

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State Tax

Back

Income tax levied by states.

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W-4

Back

Form filled out when you start working so your employer can know the number of dependents and withholdings for your paychecks.

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W-2

Back

“Wage and Tax Statement” form from the IRS used in the United States to report wages paid to employees.

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1099

Back

IRS form used to report various types of income received outside of a regular salary or wages.

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Gross Pay

Back

Your pay before deductions.

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Net Pay

Back

Your pay after deductions.

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Common payroll deductions

Back

Can include: federal income tax, FICA, Health Insurance, Retirement.