Pay, Wages, Income Test Review
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Deductions | Amounts, both required and optional, subtracted from gross pay
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| Net Pay | Gross Pay minus deductions; also known as take home pay, disposable income
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| W-2 | A form shows wages, salaries, tips, and taxes for a given year that is mailed out by the employer by January 31.
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| W-4 | A form you complete when you start a new job which shows the number of deductions.
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| Taxable Income | Wage, or the amount of money you earn per unit of time, such as an hour or a week
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| Overtime Pay | One and a half times the regular pay
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| Exemption | A tax payer’s claim on a tax return for each person dependent on the taxpayer’s
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| Gross Pay | Total amount you earn before deductions are subtracted.
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| YTD | Year to Date Amount
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| Pay Period | A recurring length of time over which employee time is recorded and paid.
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| Wage | A fixed hourly rate of pay.
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| Benefits | Forms of employer compensation in addition to pay.
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| April 15 | Deadline for filing income taxes
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| January 31 | Deadline for employers to send out W-2 forms
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| 1040EZ | Tax form used for filing for usual first time tax payers
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| Telecommuting | A work model that allows employees to work offsite and remain in contact with their employers through technology
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| Job Rotation | A job design in which employees are trained to do more than one specialized task
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| Job Sharing | A job design in which two people share one full-time position.
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Created by:
LCouts
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