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Work Compensation and Forms

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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  


   





 
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Created by: clemonsh1 on 2013-05-21



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