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Payroll - BOM

Review of Payroll terms and concepts

TermDefinition
Formula for Calculating Overtime Rate of Pay Regular Rate of Pay * 1.5
Formula for Calculating Regular Earnings Regular Hours * Regular Rate of Pay
Formula for Calculating OT Earnings Overtime Hours * Overtime Rate of Pay
Formula for Calculating Total Earnings Regular Pay + Overtime Pay
401 K a savings plan that allows employees to contribute a fixed amount of income to a retirement account and to defer taxes until withdrawal
Net Pay an employee's pay after deductions and withholding
State Income Tax Tax paid on income at the state level.
W-4 A form is used by your employer to determine the amount of taxes to withhold from your paycheck.
FICA Tax A federal law that imposes a social security tax on employees, employers, and the self-employed
Gross Pay The total amount paid to an employee each pay period
Federal Income Tax The amount owed to the federal government based on an employee’s income and their withholding allowances
Medicare Tax A tax deducted from employees' paychecks that goes to pay for medical benefits for people over 65 years of age
What is the relationship between your number of allowances and your net pay? The higher the number of allowances, the higher your net pay.
What is the IRS and what do they do? IRS is the Internal Revenue Service and is the nation's tax collecting agency
Why would a student select S-0 or EXEMPT on their W-4 when they start their first job? (1) S-0: Because their parent(s) or guardians already declare them as a dependent on their W-4 (2) EXEMPT: They won't make enough money in the year to have to pay Federal Income Tax
Rate of Pay is $12.50, what is your Overtime Rate of Pay? $12.50 * 1.5 = $18.75
Rate of Pay is $17.00, what is your Overtime Rate of Pay? $17.00 * 1.5 = $25.50
If your Total Earnings are $872.00, and you pay 6.2% in FICA Tax, what is your FICA Tax? $872.00 * 0.062 = $54.06
What is the formula for calculating Net Pay? Total Earnings - Total Deductions
Created by: kszalkai