An individual pays different income tax rates for wages and for their FICA (Federal Insurance Contributions Act) contribution, which goes to Social Security, Medicare, Medicaid, and unemployment insurance. In addition to the range of tax rates applicable to various levels of income, the different t...
Payroll is the compensation a company should pay to its employees for a specified period of time or on a given date. Payroll is generally managed by the Accounting or Human Resource department of a company. For some small businesses, payroll may be handled by the owner himself. These days p...
Gross income for an individual—also known as gross pay when it’s on a paycheck—is an individual’s total earnings beforetaxesor other deductions. This includesincomefrom all sources, not just employment, and is not limited to income received in cash; it also includes property or services r...