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There are common abbreviations used on pay stubs, including:
- Gross: Earnings before deductions
- Net: Earnings after deductions
- Current: Pay period earnings
- YTD: Year-To-Date
- REG: regular hours worked
- OT: overtime hours worked
- HOL: holiday hours worked
- VAC: vacation time paid
- SICK or FL: sick or family leave time paid for
- FICA: Employee's portion of Social Security paid
- FICA-MED: Medicare deductions
- SWT or Fed: Federal withholding Income Tax deductions
- SWT or State: State Tax withheld
- LT or Local Tax: County and/or City Tax deductions
- WC or Work Comp: workman's comp contribution, usually paid by employer
- INS or MED: insurance or medical savings account deductions
- Life: life insurance deductions
- 401K or Ret: tax deferred retirement contribution
- Garnish: garnishment being taken from employee's check due to money owed
- Gross Pay: the amount of money you make before deductions
Italics: optional
Bold: Not optional
NOTE: An employee partly controls deductions based on how many dependents you claimed with the employer.
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What is US FICA?
FICA is the acronym for the Federal Insurance Contributions Act. It mandates that employers withhold a set percentage of an employee's salary each pay period. FICA also requires the employer match the employee's amount and contribute the money to Social Security. This fund provides retirement income , and disability insurance
What is FICA used for?
FICA is the acronym for the Federal Insurance Contributions Act. It mandates that employers withhold a set percentage of an employee's salary each pay period. FICA also requires the employer match the employee's amount and contribute the money to Social Security. This fund provides retirement income , and disability insurance
Amount of income to file 1040?
No set amount of income is required to file a 1040 tax form.
What do mean by set-off and carry forward of losses?
set-off. Capital gains and losses will OFFSET each other on the schedule D of the 1040 tax form. That would mean that that the loss would be subtracted from the gain reducing the amount of the gain for the tax year. And if you have any remaining loss after completing the schedule D correctly that amount of loss up to the 3000 maximum amount would be used to OFFSET (set-off) (subtract) from your ordinary income amount on your 1040 income tax return reducing your total income and also will reduce your taxable income and will also reduce your federal income tax liability on your federal income tax return.
How much was taken for all taxes tihs pay period?
You do not have any set percentage amount for this purpose. You employer payroll department may be able to give you an amount that they are required to withhold from your gross pay for all of the necessary items that they are required to withhold before they issue you your net take home pay check. You do NOT have the withholding amounts listed on your paycheck stub.
What is the maximum wage garnisment in Colorado?
The is no maximum amount of garnishment set. It is calculated and based on your income.
How long do employers have to keep applications on file in Nevada?
There is not a set amount of time that employers have to keep applications on file. Most employers will keep them on file for one year.
Percentage to pay in federal income tax?
You do not have a set percentage amount that each taxpayer would pay annually in taxes. The tax bracket percentage amounts change for each taxpayers amount of taxable income that they end up having to use to determine the correct amount of their federal income tax liability after the federal income tax return is completed correctly down to the line on the 1040 federal income tax return that says taxable income. Then you would know the amount of your federal income liability for the year and would be able to determine your percent that is being collected from you from your income for the tax year.
Which these is the best definition of an allowance as it relates to taxes?
A specific amount of money set aside for a certain reason. Like saving up for college.A special circumstance that permits reductions in your federal tax billThe same as an employee's salaryThe amount of your income for which no taxes need to be paid.
How much tax is taken out of 2000 dollars?
You do not have a set percentage amount for this purpose. For the tax year 2010 the social security and medicare tax is withheld by your employer payroll department from your first dollar of your gross earnings at the 7.65% rate. The 7.65% amount is matched by your employer for a total of 15.3% contribution to the SSA insurance trustee. Then you will also have other federal income tax amounts and other items that your employer payroll department will be required to withhold from your gross earnings before you will be issued your NET TAKE HOME paycheck. You should ask the employer payroll department for the amounts that they will have to withhold from your gross earnings.
How much federal tax is taken out of 2000 dollars?
You do not have a set percentage amount for this purpose. For the tax year 2010 the social security and medicare tax is withheld by your employer payroll department from your first dollar of your gross earnings at the 7.65% rate. The 7.65% amount is matched by your employer for a total of 15.3% contribution to the SSA insurance trustee. Then you will also have other federal income tax amounts and other items that your employer payroll department will be required to withhold from your gross earnings before you will be issued your NET TAKE HOME paycheck. You should ask the employer payroll department for the amounts that they will have to withhold from your gross earnings.
What will be the medicare deduction in 2013?
The Medicare deduction in 2013 was 1.45% of an individual's wages or self-employment income. For high-income earners, an additional 0.9% was added for income over certain thresholds.
