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Paycheck

Taxes and Calculating Pay

TermDefinition
Federal income tax A pay deduction required by law that supports the federal government
Deductions Taxes and other money withheld from an employee’s gross pay.
403B or 401K Money employees set aside or invest for retirement.
Social Security tax A federal tax that supports elderly, disabled, or orphaned citizens.
State income tax A pay deduction required by law that supports the state government.
Deductions taxes, money taken out your paycheck
W-2 Shows how much you earned and how much tax you paid for the entire year.
W-4 Fill out this form so your employer knows how much tax to take out of your paycheck.
Gross Pay your pay BEFORE taxes and other deductions.
Net Pay Take Home Pay. The amount of your check AFTER taxes and other deductions.
Medicare Social health insurance program
Progressive Tax The more you make the more taxes you pay.
Regressive Tax Everyone regardless of income pays the same amount. Example: Sales Tax
Benefits Received This principle says: If you use the service, you pay the tax. Examples: Bridge and Road Tolls
Ability to Pay This principle says: The amount of tax you pay should be based on how much you earn.
Created by: sanmuth