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4.01Personal Finance
Work Compensation and Forms
| Term | Definition |
|---|---|
| FICA | federal insurance contributions act. this tax includes social security and medicare. docial security taxes are based on a 6.2 percentage of the employee's gross income. Medicare is 1.45 of gross income |
| retirement plan | the amount an employee contributed each pay period to a retirement plan. |
| medical | the amount taken from the employee's paycheck for medical bills |
| year to date deductions | the total of all deductions which have been withheld from individual's paycheck from january 1 to the last day of the pay period |
| tax | a compulsory charge imposed on citizens by local, state, or federal governments |
| progressive tax | the higher the income, the higher amount of taxes paid |
| regressive tax | they impose a higher tax rate on those with lower incomes than those with higher |
| form w-2 | states the amount of money earned and taxes paid throughout the previous year |
| form w-4 | An employee's withholding certificate--the information provided on this form determines the percentage of gross pay to be withheld for taxes |
| form I-9 | Employment Eligibility Verification Form--the information on this form is for employers to verify the eligibility of indiviuals for employment. |
| 1099 Forms | Tax forms that report other sources of income earned during a tax year. examples-1099INT/1099-DIV/1099MISC |
Created by:
clemonsh1
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