Payroll and Tax Flashcard
Flashcard
•
Business
•
12th Grade
•
Practice Problem
•
Hard
Leticia Moret
FREE Resource
Student preview
10 questions
Show all answers
1.
FLASHCARD QUESTION
Front
FICA taxes include:
Back
social security tax
2.
FLASHCARD QUESTION
Front
Line 5 on Form W-4 describes "total number of allowances" as:
Back
withholding allowances
3.
FLASHCARD QUESTION
Front
Which is an example of a required employer deduction?
Back
social security
4.
FLASHCARD QUESTION
Front
The amount of money that tax calculations are based on is called:
Back
taxable income
5.
FLASHCARD QUESTION
Front
Which form is used for a corporation filing taxes?
Back
form 1120
6.
FLASHCARD QUESTION
Front
Define the term 'tax credit'.
Back
A direct reduction in tax liability, not dependent on the taxpayer's tax rate
7.
FLASHCARD QUESTION
Front
Define the term 'pay stub'.
Back
A document an employee receives listing payment details
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