What does SS mean on my paycheck?
Social Security tax may be abbreviated on your pay stub as one of the following: FICA – Federal Insurance Contribution Act. SS – Social Security. SWT – Social Security Withholding Tax.
What is GTL paycheck?
Group term life insurance (GTL) is a common benefit provided by employers. Your employer may pay the premiums for this coverage, rather than passing them on to you. Group term life insurance becomes a taxable benefit when the coverage amount exceeds $50,000.
What is NCA offset on Paystub?
If the payment is made with Regular pay, the payment is taxed based on the employee’s W-4, otherwise the payment is taxed at the supplemental flat tax … S = Supplemental Wages. The supplemental flat tax rate may be used if the payments is NOT paid with regular wages.
What does advance mean on my payslip?
Advance deduction on payslip This is where an amount gets removed from an employee/worker’s payslip to cover money previously advanced to them. Once they’ve made this money back, they’ll then receive an advance deduction.
What is c125h?
In the context of Section 125, “pre-tax” means that a deduction is exempt from Federal Income Tax Withholding, Social Security and Medicare Taxes. The Section 125 Plan is just a document that describes the specific ways in which the employer is allowing employees to take advantage of these pre-tax deduction options.
What are the 5 mandatory deductions from your paycheck?
Mandatory Payroll Tax Deductions
- Federal income tax withholding.
- Social Security & Medicare taxes – also known as FICA taxes.
- State income tax withholding.
- Local tax withholdings such as city or county taxes, state disability or unemployment insurance.
- Court ordered child support payments.
What is GTL over 50k?
This is a taxable benefit (FICA taxes Medicare & Social Security) for any earnings over $50,000/year. If you make over $50,000/year, you will notice GTL appear both as earnings and deductions. You are not deducted for this benefit, only taxed.
Is GTL subject to federal tax?
10, the coverage is considered carried by the employer. Therefore, each employee is subject to social security and Medicare tax on the cost of coverage over $50,000. The employer pays nothing toward the cost. Therefore there is no taxable income to the employees.
What is offset earn on my paycheck?
Save. Copy. Salary offset means administrativeoffset to collect a debt owed by a Federal employee from the current pay account of the employee.
What is advance salary How is it treated?
Advance salary received by an employee is taxed in the year of receipt. The rule behind this is the basis of taxability of salary, i.e., salary is taxed on due or receipt basis, whichever is earlier. However, an employee can claim relief under section 89 (discussed later) in respect of advance salary.
What is salary advance recovery?
Salary advances is paying an employee a portion of his salary in advance. For example – If an employee has a medical emergency and is in need for his salary of February in advance then the employer can pay him a portion of his salary beforehand. The advances are recovered in installments and are usually interest-free.
Are health benefits taken out of paycheck?
If you sign up for your employer-provided health insurance, the cost will come out of your paycheck. Whatever amount you choose to contribute will be deducted from your paycheck as well.