Paystub Tax Terminology

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A 1099-MISC form is a tax form used in the United States to report certain types of income received by an individual or a business that is not considered wages, salaries, or tips.

1099 MISC Form

A 1099-NEC form is a tax form used to report non-employee compensation to the Internal Revenue Service (IRS) in the United States.

1099 NEC Form

The United States government levies federal income tax on the income of individuals, businesses, and other entities. It is a progressive tax, meaning the tax rate increases as income increases.

Federal Income Tax

An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service (IRS) in the United States for individuals who are not eligible to obtain a Social Security Number (SSN).

ITIN

The Internal Revenue Service (IRS) is the revenue service of the US federal government responsible for administering and enforcing federal tax laws.

Internal Revenue Service (IRS)

Employees, companies, and self-employed individuals contribute to Medicare by paying a tax equal to a percentage of their gross salaries.

Medicare Tax

A pay stub calculator is a tool that helps employees calculate their net pay, also known as take-home pay, after deductions have been made from their gross pay.

Pay Stub Calculator

Employers often use pay stub templates, which are pre-made documents or forms, to give their workers a detailed breakdown of their income and deductions for each pay period.

Pay Stub Template

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