Understanding Paychecks and Taxes

The length of time for which an employee's wages are calculated

is the total amount of money earned during a pay period

amounts of money subtracted from gross pay

amount of money left after all deductions are taken from gross pay is

a fee imposed by a government to provide for the common needs of its citizens

document used to help determine how much of your pay should be withheld for taxes

person who relies on another for financial support, such a child not working

Federal government agency that enforces the tax laws and collects taxes

A charge a government levies on most forms of earnings

tax deducted from your earnings and paid to the federal government to fund Social Security programs, Retirement benefits, survivors' benefits, and disability benefits

a document that states how much you were paid by an employer and how much of your income was withheld for taxes from the previous year

method of submitting tax returns electronically

The percentage rate for Social Security tax is

The percentage rate for Medicare tax is