Paycheck Essentials
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payroll withholdings/deductions
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amounts subtracted from gross income
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withholding taxes
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money deducted from employee wages for federal, state, and local taxes
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disability benefits
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for workers who are disabled and unable to work
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retirement plan
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the amount an employee contributed each pay period to a retirement plan
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net income
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gross income less deductions, sometimes called \"take home pay\"
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allowance
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reduces the amount of withholding taxes
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medicare
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hospital insurance for the disabled and retired
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Form W4
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an employee's withholding allowance certificate that shows the number of allowances claimed for federal and state income taxes
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taxes
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fees for the support of government required to be paid by people and businesses
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dependent
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a person who relies on another person for support (especially financial support)
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Form I9
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employment eligibility verification; documentation must be provided to verify that the person is eligible to work in the United States
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paper paycheck
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payment given with a paper check with a paycheck stub attached
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paycheck stub
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a form attached to a paycheck that lists important information
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direct deposit
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an automatic deposit of a paycheck without having to take a physical check to the bank
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payroll card
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prepaid card instead of a paper check or direct deposit
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pay period
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the amount of time over which an employee is paid
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gross income
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the total amount of income from wages before any payroll deductions
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FICA
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Federal Insurance Contributions Act: has 2 parts, Social Security and Medicare
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social security tax
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a federal tax paid for old-age, survivors, and disability insurance
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year to date
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totals all of the deductions which have been withheld from January 1 to the last day of the pay period
