What is a W-4
Tells your employer how much taxes to take out of your paycheck
Rami is a 15 year old high school student who lost a parent, what will help Rami?
Social Security
Robert gets paid $11.00 per hour. This week he worked 40 hours. Calculate his gross pay for the week.
$440
When is Tax day?
April 15th!
Time off, insurance, bonuses, and alternative work schedules are all examples of:
Work Benefits
What do you need to fill out a 1040 form?
W-2 Forms
What is the name of the tax on the transfer of the estate from a deceased person.
Estate tax
Mandatory deductions on your paystub
Social Security and Medicare
When does your employer have to send your W2 by?
January 31st
Percentage EMPLOYER pays on social security and medicare
6.2% + 1.45%
Forms you received for interests and dividends
1099
What tax do you pay based on the assessed value of an asset?
Property Tax
Woody gets $96,000 annual salary. Calculate his monthly gross pay.
$8,000
What are the taxes that make up FICA?
Social Security and Medicare
How many paychecks do you recieve if you work bi-weekly?
26
Summarizes annual earnings and taxes
Tax you pay everytime you make a purchase
Sales tax
Income before deductions
Gross pay
Difference between earned and unearned income
Earned income is money you receive for actively working, while unearned income is money you receive from sources that do not require active labor
Salary vs Interest earned from savings account
What is an example of an optional payroll deduction?
Insurance, Retirement plans, FSA
Form needed to file taxes
1040
Income taxes are divided by
Federal Income tax and State Income tax
Why is it important to check your paystub?
To make sure there are no errors
Why do you pay taxes throughout the year on every paycheck
To lower your tax liability
What does PTO stand for
Paid time off