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