Insurance Terms
Things Included In An Insurance
Tax Terms
Things included in a tax
Other Important Things
100
What and how much is covered by insurance.
What is coverage?
100
Medical, auto, dental, vision, life, business, disability, homeowner's and renter's.
What are some types of insurance?
100
This is your pay BEFORE deductions and withholding.
What is Gross Pay?
100
This is a government agency that collects taxes.
What is IRS?
100
These are the types of taxes that are cut from your paycheck.
What is federal income tax, Social security tax, medicare tax, disability tax?
200
The monthly cost of insurance.
What is premium?
200
The person who is giving coverage. The person who is getting covered by insurance.
Who is insurer and insured?
200
This is the money deducted(subtracted) from your paycheck(insurance, retirement, savings).
What is Deductions?
200
This is a form you fill out one-time when you start a job.
What is W-4?
200
This is the type of tax you have to pay when you buy a property
What is property tax?
300
The amount insurance wants you to pay before they start paying.
What is deductible?
300
If you are at higher risk, you pay higher premium. Typically males of ages 16-25 pay higher premium.
How is the premium decided?
300
Your employer withholds taxes and sends them to the IRS.
What is Withholding?
300
This is what you file once a year with the IRS.
What is 1040EZ (tax return) ?
300
This is what you pay when you make a profit on an investment
What is Capital Gains tax?
400
When you ask insurance to pay when something happened.
What is claim?
400
If you have a higher deductible, you have a lower premium. If you have a lower deductible, you have a higher premium.
How is deductible decided?
400
This is the part of your paycheck that is left AFTER deductions and withholding and the amount you get to keep.
What is Net Pay?
400
This is what you receive annually from your employer. Its summarizes earnings and withholding for the year.
What is W-2?
400
This happens when you pay more than the tax owed.
What is a refund?
500
A portion of the claim the insurance wants you to pay.
What is co-pay?
500
If the insurance pays 90% of the claim, you have to pay the 10% which is the what.
What is co-pay?
500
Gross Pay - Deductions and Withholding = Net Pay
What is calculation of a net pay?
500
This is the date of every year when you file a tax return.
What is April 15?
500
This happens when you pay less than the tax owed.
What is paying more?
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