| A | B |
|---|
| allowances | these are used to determine the amount of federal taxes withheld from a paycheck |
| state | this withholding tax percentage is deducted depending on the amount of gross pay earned |
| social security | the nation's retirement program |
| deduction | the amount of money subtracted from the gross pay earned for mandatory systematic taxes, employee sponsored medical benefits, and/or retirement benefits |
| medicals | this is the amount takend from the employee's paycheck for medical benefits |
| medicare | This is the nation's health care policy for elderly and disabled |
| Net pay | the amount of money left after all deductions have been withhold from the gross pay earned in the pay period |
| pay check stub | a document included each pay period that outlines paycheck deductions |
| dependents | a person who relies on the taxpayer for financial support |
| payroll | this type of card electronically carries the balance fo the employee's net pay |
| Gross pay | the total amount of money earned during a pay period before deductions |
| federal | this withholding tax is the largest deduction withhold from an employee's gross income |
| FICA | This includes Fed OSADI/EE or Social Security and Fed MED/EE or Medicare |
| pay check | the most common method payment for employees |
| regulation E | This is also known as the Electronic Fund Transer |
| pay period | the length of time for for which an employee's wages are calculated; most are weekly, bi-weekly, twice a month, or monthly |
| IRS | They collect federal taxes, issue regulations, and reinforce tax laws written by the United States Congress |
| Taxes | these are compulsory charges imposed on citizens by local, state, and federal governments |
