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Paystub

Taxes

Deductions

Paystub

Significance of Pay Stubs

Pay stubs are crucial for verifying income, tracking deductions, and ensuring legal compliance.

Year-to-date (YTD)

Year-to-date (YTD) on a paystub refers to the period starting from the first day of the current calendar year up to the present date.

Gross vs Net Pay

Gross pay : Total earnings before deductions, crucial for tax calculations and financial planning

Payday on Paystubs

Payday : When employers pay employees for work done, typically on a scheduled day each month

Overtime Pay

Overtime pay compensates employees for hours worked beyond the standard 40-hour workweek.

Time Off Policies

Time off policies outline employee leave entitlements for vacation, sick days, personal time, and holidays

Earning Statements

An earning statement details an employee's earnings and deductions for a specific pay period.

Minimum Wage

The minimum wage is the lowest legal hourly pay set by governments to ensure fair worker compensation.

Pay Period

The pay period is the regular interval at which employees are paid, such as weekly, biweekly, or monthly.

Employer & Employee ID Number

An Employer Identification Number (EIN) uniquely identifies a business for tax purposes, while an Employee ID tracks individual employee information.

Pay Stub Generator

A pay stub generator is a tool used to create accurate pay stubs quickly, providing detailed information on earnings, deductions, and taxes for employees.

Incentive pay

Incentive pay is a performance-based reward offered by employers to motivate employees by providing extra compensation for meeting specific goals or targets.

Taxes

Form W-4

The W-4 form lets employees specify federal income tax withholding preferences for their paychecks.

State Unemployment Tax Act (SUTA)

SUTA: State Unemployment Tax Act funds benefits for jobless workers via employer-paid payroll taxes.

Federal Unemployment Tax Act (FUTA)

FUTA requires employers to pay federal taxes to fund unemployment compensation for jobless workers

Federal Income Tax

The Federal Income Tax Guide for Employers helps businesses understand and comply with federal tax laws

FICA Tax Guide

The Federal Insurance Contributions Act (FICA) is a United States federal payroll tax that funds Social Security and Medicare programs

States with No Income Tax

States with no income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming.

Fair Labor Standards Act (FLSA)

The Fair Labor Standards Act (FLSA) of 1938 sets minimum wage, overtime pay, and child labor rules to protect workers from unfair practices.

State Income Tax

Learn essential information on rates, deductions, credits, exemptions, and filing deadlines for effective financial planning.

Earned Income Tax Credit (EITC)

The Earned Income Tax Credit (EITC) is a tax credit for low-to-moderate-income working individuals and families, which can reduce the amount of tax owed and potentially result in a refund.

Roth IRA

A Roth IRA is a retirement savings account offering tax-free growth and withdrawals. Contributions are made with after-tax dollars, and qualified distributions are tax-free if certain conditions are met.

Deductions

Custom Deductions

Custom deductions are voluntary payroll withholdings for benefits like insurance, retirement, etc.

Health Reimbursement Arrangements (HRA)

HSA: Tax-saving accounts for high-deductible health plans; funds roll over yearly

Flexible Spending Account (FSAs)

An FSA is a pre-tax account for medical or dependent care expenses, offered by employers

HSA contribution

HSAs are tax-advantaged accounts for HDHP holders, with funds that roll over annually and belong to employees

403(b) Retirement Plan

A 403(b) plan allows non-profit and public school employees to save for retirement with tax advantages

457(b) Retirement Plan

A 457(b) plan is a retirement savings plan for state, local government, and non-profit employees.

State Disability Insurance

SDI offers short-term benefits for workers who can't work due to illness, injury, or pregnancy.

401(k) Retirement Planning

A 401(k) is an employer-sponsored retirement plan with tax benefits for saving and investing.

Family & Medical Leave Act
(FMLA)

FMLA allows US employees to take unpaid leave for family/health needs, ensuring job protection.

Simple IRA

Simple IRA: Employer and employee retirement savings plan with tax advantages for small businesses.

401(k) Matching

401(k) matching is when an employer contributes additional funds to an employee’s 401(k) retirement account based on the amount the employee contributes, often up to a certain percentage of their salary.

Pre tax Deductions

Pre-Tax Deductions allow employees to pay for benefits like health care and retirement plans before taxes.

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Recent Blogs

Top 5 Common Pre-Tax Deductions Every Employer Should Know

Top 5 Common Pre-Tax Deductions Every Employer Should Know

November 5, 2024
Understanding pre-tax deductions is essential for employers aiming to manage payroll effectively, enhance employee benefits, and ensure compliance with tax regulations. Pre tax deductions lower an employee’s taxable income, resulting in reduced taxes and increased take-home pay.

FEIN Number: A Crucial Guide for Employers

FEIN Number: A Crucial Guide for Employers

October 9, 2024
As a business owner, you’ll encounter several key tax-related terms, and one of the most important is the Federal Employer Identification Number (FEIN). Also known as an Employer Identification Number (EIN), this nine-digit number is issued by the IRS to identify your business for tax purposes.

Medicare Tax: Everything Employers Need to Know

Medicare Tax: Everything Employers Need to Know

October 7, 2024
As an employer, it’s crucial to understand payroll taxes, including Medicare tax, a federal payroll tax that helps fund the national healthcare program known as Medicare.