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state taxes, federal taxes, and local taxes.

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What 2 types of payroll deductions?

The two main types of payroll deductions are mandatory deductions and voluntary deductions. Mandatory deductions include federal, state, and local taxes, as well as Social Security and Medicare contributions, which are required by law. Voluntary deductions are optional and can include contributions to retirement plans, health insurance premiums, and other benefits selected by the employee. Both types affect an employee's take-home pay and overall compensation.


What is the three types of deduction in pay stub?

The three types of deductions typically found on a pay stub are mandatory deductions, voluntary deductions, and pre-tax deductions. Mandatory deductions include federal and state taxes, Social Security, and Medicare contributions, which are required by law. Voluntary deductions are optional and may include contributions to retirement plans, health insurance premiums, or union dues. Pre-tax deductions are taken from an employee's gross pay before taxes are calculated, often for benefits like health insurance or flexible spending accounts, reducing the taxable income.


When did Medicare deductions become mandatory?

Medicare deductions became mandatory with the establishment of the Medicare program in 1965. Specifically, the program was enacted under the Social Security Amendments of 1965, which created Medicare as a federal health insurance program for people aged 65 and older. As a result, payroll taxes began to be deducted from workers' earnings to fund Medicare, making these deductions a requirement for eligible workers.


What mandatory deductions come out of your paycheck?

Mandatory deductions from your paycheck typically include federal income tax, Social Security tax, and Medicare tax. Depending on your state, you may also have state income tax withheld. Additionally, some employers may deduct contributions for unemployment insurance or other mandated benefits, such as workers' compensation. These deductions are required by law and vary based on your earnings and location.


This program is supported by deductions from paychecks of American employees?

FICA is the social program that is supported by deductions from the paychecks of American employees. Payroll taxes are calculated based on the amount of the taxpayers pay and are mandatory deductions. The programs that are deducted from the checks are social security taxes and the Medicare Program.


What social program is supported by deductions from paychecks of American employees?

FICA is the social program that is supported by deductions from the paychecks of American employees. Payroll taxes are calculated based on the amount of the taxpayers pay and are mandatory deductions. The programs that are deducted from the checks are social security taxes and the Medicare Program.


This social program is supported by deductions from paychecks of American employees.?

FICA is the social program that is supported by deductions from the paychecks of American employees. Payroll taxes are calculated based on the amount of the taxpayers pay and are mandatory deductions. The programs that are deducted from the checks are social security taxes and the Medicare Program.


The social program that is supported by deductions from paychecks of American employees is the?

FICA is the social program that is supported by deductions from the paychecks of American employees. Payroll taxes are calculated based on the amount of the taxpayers pay and are mandatory deductions. The programs that are deducted from the checks are social security taxes and the Medicare Program.


What is other statutory deductions?

Other statutory deductions refer to mandatory withholdings from an employee's paycheck that are required by law, aside from income tax. These may include contributions to social security, unemployment insurance, and workers' compensation funds. The specific deductions vary by country and jurisdiction, and employers are required to comply with local regulations regarding the amounts and reporting of these deductions.


What isa net wage?

Net wage is what's left after all mandatory deductions (federal and state taxes, Social Security). You net pay is what's left after any other deductions (health coverage, garnishments, etc.)


What is a mandatory deduction?

A mandatory deduction is a portion of an employee's earnings that is required by law to be withheld by the employer. Common examples include federal and state income taxes, Social Security, and Medicare taxes. These deductions ensure compliance with tax regulations and contribute to social insurance programs. Employers are obligated to calculate and remit these deductions to the appropriate government agencies.


What is optional deduction?

Optional deduction refers to a voluntary reduction in taxable income that a taxpayer can choose to claim, often based on specific expenses or contributions. Unlike mandatory deductions that must be taken, optional deductions allow individuals to select which deductions best suit their financial situation, such as certain charitable contributions, medical expenses, or retirement contributions. Taxpayers must ensure they meet the eligibility criteria for these deductions and maintain proper documentation. Ultimately, optional deductions can help lower tax liability and optimize tax returns.