Taxes
Taxes your employer collect based on your W-4 exemptions?
What are state and federal taxes?
Total amount of money an employee makes in a pay period.
What is gross earnings?
Helps support medical costs for the elderly
What is Medicare?
The pay for an hourly employee that worked 38 hours at 8.25 per hour.
What is 313.50?
Something you give up to have something else.
What is opportunity cost?
Taxes are paid at a set rate of 7.65%
What is FICA tax?
Retirement, health insurance, credit union savings are all examples of this.
What are voluntary deductions?
Helps to pay for retirement.
What is social security?
This is the overtime rate for an employee that makes 15.75 per hour.
What is 23.63?
Money left over after you pay for all your essentials
What is discretionary income?
Employees calculate taxes based on this
What are allowances?
Federal, state, and FICA taxes are examples of this.
What are required deductions?
What the acronym FICA stands for.
What is Federal Insurance Contribution Act?
Sams retirement if he saves 13% of his weekly paycheck of 340.75.
What is 44.30?
When you subtract total liabilities from your total assets.
What is Net Worth?
The more _______ you have the less tax you have deducted from you paycheck.
What are exemptions?
The monthly gross earnings if your annual salary is 42,000.
What is 3500?
The percentage for Social Security Act.
What is 7.65%?
Federal taxes for an employee that makes 345 per week. They are single and have 2 allowances
What is 15$?
When your expenses are more than your income
What is a deficit
Your Employee has to pay the matching amount to the government.
What is FICA?
When your check is sent directly to your bank account.
What is direct deposit?
These taxes make up FICA
What is Social security and Medicare?
The fica tax for employee that makes 1,245.00 per paycheck.
What is 95.24?
The first step in Personal Financial Planning?
What is setting a goal?