Work Compensation and Forms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| 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
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| retirement plan | the amount an employee contributed each pay period to a retirement plan.
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| medical | the amount taken from the employee's paycheck for medical bills
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| 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
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| tax | a compulsory charge imposed on citizens by local, state, or federal governments
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| progressive tax | the higher the income, the higher amount of taxes paid
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| regressive tax | they impose a higher tax rate on those with lower incomes than those with higher
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| form w-2 | states the amount of money earned and taxes paid throughout the previous year
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| 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
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| form I-9 | Employment Eligibility Verification Form--the information on this form is for employers to verify the eligibility of indiviuals for employment.
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| 1099 Forms | Tax forms that report other sources of income earned during a tax year.
examples-1099INT/1099-DIV/1099MISC
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