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4.01Personal Finance

Work Compensation and Forms

TermDefinition
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