FICA - Med - FICA stands for the “Federal Insurance Contributions Act” and Med stands for “Fed/FWT/FIT/FITW - These are abbreviations used for “federal tax withholding.”St Tax/SWT/SIT/SITW - These abbreviations are used for the “state tax withholding.”Local Tax - Here is where you’ll find local or city tax withholdings.INS/MED - Insurance or medical insurance deductionsWhile some deductions can come out before taxes are paid, like insurance, other deductions come out after taxes.
title: paycheck abbreviations and descriptions.xls author: grn5620
Truth be told, we all could use reminders now and again about some basic financial stuff.
They will be indicated by FT, FWT, FED or FED TAX.
Not all locations, or employers, withhold local tax.
With 10 years of experience in employee benefits and payroll administration, Ferguson has written extensively on topics relating to employment and finance. This amount varies based on your personal situation and your completed Form W-4, which tells the employer how much to withhold for taxes. Also, the Consumer Credit Protection Act, or CCPA, oversees federal wage garnishment laws, while the Family Medical Leave Act, or FMLA, regulates unpaid job-protected leave for eligible employees.You’re required to withhold federal income tax, Social Security tax, Medicare tax and likely state income tax from your employees’ wages. The Canadian Payroll Association 250 Bloor Street East, Suite 1600 Toronto, ON M4W 1E6. Employers include employees’ wages and deductions for the pay period on their pay stubs.
ACH, or automated clearing house, enables the transfer of funds from your company’s bank account to your employees’ accounts. Title 2, California Code of Regulations, section 599.859 Title 2, California Code of Regulations, sections 599.893 through 599.910 Business Contingency Planning You would abbreviate payroll taxes and other mandatory deductions as normal. Every kind of pay will have an abbreviation on your pay stub.
Facebook Instagram This list can be sorted by DOS Code, Pay Type/Check Description, or Full Description.
Main Content Anchor It is important to note that different financial institutions might have slightly different abbreviations; however, some form of these common codes are typical in the earnings section. A wage statement (sometimes called a pay stub) is a document employers give their employees every pay period that explains how their paycheck was calculated. Did you know that failure to include certain information on your employee’s pay stubs may lead to expensive class-action lawsuits? Most wages are subject to these two types of taxes even when the earnings are not subject to federal, state and local taxes.If you are paying court-ordered child support or have a lien against your wages, your payroll stub may reference the court docket number of the court that issued the order, or the agency or other entity named in the order.
On your pay stub, you’ll see some common payroll abbreviations and some that aren’t so common.
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