"FIT" on a pay stub stands for federal income tax. This is the amount of money an employer needs to withhold from an employee's income in order to pay taxes.Know More
In the United States, federal income tax is determined by the Internal Revenue Service. FIT is applied to taxpayers for all of their taxable income during the year. The rate is not the same for every taxpayer. Some entities, such as corporations and trusts, are able to modify their rate through deductions and credits. Other groups, such as charitable organizations, can apply for tax-exempt status.
Some states also have an income tax of their own. On a pay stub, this tax is abbreviated SIT, which stands for state income tax.Learn More
A paycheck stub is the portion of a paper paycheck that the employee keeps after cashing their payroll check. Information typically included on the paycheck stub includes the number of hours worked, the amount paid to the employee, a breakdown of taxes paid and a list of various deductions.Full Answer >
The portion of a pension distribution that has not been previously taxed is subject to federal income tax. Any amounts that were contributed using after-tax money won't be taxable, but must be recovered over the period of distributions, not all at once, according to the Internal Revenue Service.Full Answer >
"Salary pay" means a person is paid an annual income through the course of regular paycheck installments. With a salary, regular paychecks are for a predictable and constant amount. This approach contrasts incentive pay structures, where pay is tied in some way to performance.Full Answer >
The average annual pay for teachers in the United States for 2011-2012 was $55,418, according to The Daily Tar Heel. Divide that figure by 180 days of in-school instruction and the average daily pay of a teacher in the United States was slightly less than $308 in 2011-2012.Full Answer >