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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.
What else can I help you with?
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
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
Amount of income to file 1040?
No set amount of income is required to file a 1040 tax form.
How do I set up tax withholding for my employees?
To set up tax withholding for your employees, you will need to have them fill out a Form W-4, which provides information on their tax filing status and allowances. Based on this form, you can calculate the amount of federal income tax to withhold from their paychecks. You will also need to withhold Social Security and Medicare taxes. Make sure to remit these taxes to the appropriate government agencies on a regular basis. It is important to stay compliant with tax laws and regulations to avoid penalties.
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 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.
Is per Diem in Philippines Taxable?
In the Philippines, per diem allowances are generally considered taxable income unless they are directly related to business travel and are within the prescribed limits set by the Bureau of Internal Revenue (BIR). If the per diem exceeds the allowable limits or is not properly documented, it may be subject to income tax. Employers are required to report and withhold taxes on any excess amounts, while properly documented and reasonable per diem for business trips may be excluded from taxable income. Always consult with a tax professional for specific situations.
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.
What are the tax implications of transit benefits according to the IRS?
Transit benefits provided by employers are generally considered taxable income by the IRS, unless they fall within certain limits set by the IRS. Employees may receive up to a certain amount of tax-free transit benefits each month, but any amount exceeding that limit is subject to taxation.
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.
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.
