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PF.1 Income & Tax

PF Income & Tax

human capital sills, knowledge and experiences possessed by an individual
career a life journey of building and applying skills, knowledge and experiences in paid employment positions
job an activity through which an individual can earn money
transferable skills versatile skills that are applied to personal and professional roles
occupation grouping of jobs that perform similar tasks
industry group of establishments that produce similar products or provide similar services
net income amount of money left once all deductions have been taken from gross income
dependent a person who relies on the taxpayer for financial support
employee benefits products or services provided by an employer that add extra value for the employee beyond wages paid
pay stub outlines gross pay, deductions made to wages, and net pay
tax liability total tax bill
Form W-4 Tells employer how many allowances employee claims so they know how much tax to withhold from an employee's wages; completed by empolyee when they start a new job
Form W-2 Provided to employee by January 31st; Shows amount of money earned and paid in taxes through the previous year
Form 1099 Shows how much unearned income a taxpayer received the previous year
1040EZ The easiest tax form to complete (federal taxes)
allowance A number used on a W-4 to tell employer how much taxes to withhold from an employee's pay
payroll card Electronically carries the balance of the employee's net income
pay period The length of time for which an employee's wages are calculated (usually week, two weeks, or month)
direct deposit Employer sends employees paycheck amount directly his/her bank account and sends the employee a pay stub
April 15 The day taxes must be filed
Created by: C.Westcott