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Taxes Review

Taxes and Payroll Vocabulary

TermDefinition
Taxes Taxes are an amount of money that a government requires people to pay according that is used to pay for the things done by the government.
Wage vs. Salary A wage is an hourly pay. A salary is a yearly pay.
Gross Pay The total pay you have earned for that pay period.
Net Pay The pay you receive after taxes and other withholdings are taken out. Take home pay
Payroll Withholdings Taxes and other fees taken out of your paycheck before you receive it.
W4 Tax form you fill out before you start a new job.
W2 Tax form you receive in January after working which shows your pay for the year and all tax deductions.
State Tax Taxes required by the state you live or work in. Can be sales tax or income tax.
Federal Tax Money withheld by federal government from pay or paid at tax time
FICA Social Security tax which provides for the retired and disabled.
Medicare A tax that provides medical care for the elderly.
Withholdings Any amount taken out of your paycheck before you get it. Also known as deductions.
Deductions Same as withholdings, this money is taken away from your pay.
Income Pay you earn or receive such as stock dividends or other payments that you profit by.
How to find out your net pay? You subtract all of your taxes from your gross pay (total pay) to get your take home or net pay.
Flat Tax A tax that is the same tax rate for everyone. Some states have a flat income tax
Progessive Tax A tax that is higher for higher income earners and lower for lower earners. It is based on the amount of your income.
Regressive Tax Low-income individuals pay a higher amount of taxes compared to high-income earners under a regressive tax system. Sales taxes and property taxes are regressive.
Created by: Taylorscards
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