Income & Deductions Study Guide

Front

What is the purpose of the W-4 Form?

Back

To determine the amount of federal and state income tax to withhold from an employee's paycheck

Front

What does the Fair Labor Standards Act establish?

Back

Minimum wages and overtime pay requirements

Front

What is the current minimum wage rate in New Jersey?

Back

$15.49 per hour

Front

Net Pay

Back

Total pay after deductions

Front

What is 'Overtime'?

Back

Time worked in excess of straight time

Front

Progressive Tax

Back

A tax structure where the greater amount earned, the greater the tax.

Front

What is a Regressive Tax?

Back

A tax that remains the same or decreases as income rises.

Front

SUI is an example of what type of tax?

Back

Regressive tax

Front

FLI is an example of what type of tax?

Back

Regressive tax

Front

State income tax is an example of what type of tax?

Back

Progressive tax