Forms of Income
Your Paycheck
Taxes and Tax Returns
Social Security
Potpourri
100
A set amount of pay for every hour worked?
What is WAGE
100
Amount of money subtracted from your total pay?
What is DEDUCTION. PAYCHECK STUB - Is the important information about how much pay you earned and how much was deducted from your earnings.
100
What are the five different types of taxes?
What is PERSONAL INCOME, SOCIAL SECURITY, PROPERTY, SALES, AND EXCISE. Person Income: is a tax on the amount of money a person earns. Social Security: is also a tax on a person's income. Property: is a tax on the value of personal property and real estate a person owns. Sales: is a tax on goods and services. Excise: is a tax placed on certain products or services, such as gasoline, tobacco, liquor, and telephone service. City, state and/or federal government can places excise taxes on products and services.
100
The federal government's program for providing income when a family's earnings are reduced or stopped because of retirement, disability, or death?
What is SOCIAL SECURITY. The purpose of SS is to provide a basic level of income that people can build on with savings, pensions, investments, or other insurance.
100
Gross pay minus deductions?
What is NET PAY. This is the actual amount you take home in your paycheck.
200
A set amount of money paid for a certain period of time?
What is SALARY
200
Amount earned for a pay period before deductions are subtracted?
What is GROSS PAY.
200
To declare how much income you made and how much federal tax you owe each year, you much file the required paperwork.
What is TAX RETURN. If too much tax was withheld during the year, you can receive a refund from the federal government. If too little tax was withheld, you must pay the amount owed.
200
What are the different benefits provided by the SS program?
What is RETIREMENT, DISABILITY, SURVIVORS', MEDICARE, MEDICAID. Before you can receive SS you must earn certain number SS credits. You earn SS credits as you work and make contributions to SS. The amount of SS you received is based on the SS credits earned and the amount of money a worker makes. Retirement: Is the amount of SS benefits you receive each month once you retirement from working. The age to retirement to receive full SS benefits is 67. One can retire as young as 62 with lower SS benefits paid. Disability: Is for workers who become severely disabled before age 65. Survivors': If a worker dies, their benefits can be paid to certain members of the worker's family. Medicare: Is a program that was created to provide older citizens and people with disability with affordable health insurance. Medicaid: This program was created to provide health care services to low-income people who are unable to pay for them.
200
Extra financial rewards, such as holidays, sick leave, and profit sharing?
What is FRINGEBENFITS
300
A percentage of money taken in from sales made?
What is COMMISSION
300
Gross pay minus deductions?
What is NET PAY. This is the actual amount you take home in your paycheck.
300
A Wage and Tax Statement?
What is a W-2 FORM. This form shows the amount you were paid in the previous year. It also gives the amounts of income tax and social security tax (FICA) withheld during the year.
300
This is an insurance program managed by the state. It provides payments to workers when they are injured on the job?
What is WORKER'S COMPENSATION. There are several major benefits provided by worker's compensation. Medical care, Disability, Rehabilitation, Death. Medical care: this covers the cost of all medical expenses, usually without any time or cost limitations. Disability: If a worker becomes disabled and unable to return to work, they will receive income benefits. This is usually paid at 2/3 percentage of their regular pay. Rehabilitation: States provide funding for retaining workers who must give up their jobs due to injuries. The injuries must be on the job work related. Death: The surviving spouse or children of a deceased worker received a certain amount of income as a death benefit.
300
The federal government's program for providing income when a family's earnings are reduced or stopped because of retirement, disability, or death?
What is SOCIAL SECURITY. The purpose of SS is to provide a basic level of income that people can build on with savings, pensions, investments, or other insurance.
400
A fixed amount of money for each piece of work done?
What is PIECEWORK
400
A set amount of money on which you do not have to pay tax?
What is EXEMPTION. The amount of federal income tax withheld depends on how much you earn and the number of exemptions you are allowed. The exemption amount is set by congress. The allows you to claim certain exemptions. You can claim yourself as long as no one else is claiming you as a dependent.
400
These are expenses taxpayers can claim to lower their tax bills?
What is DEDUCTIONS, ADJUSTMENT TO INCOME, and TAX CREDITS. Deductions: are things like charitable contributions, interest on some loans, some medical and dental expenses, certain financial losses, and other expenses. Adjustments to Income: include items like alimony and certain retirement deductions. Tax Credits: can be claimed for child care, the elderly, and people with disabilities.
400
This provides benefits to workers who have lost their jobs through no fault of their own.
What is UNEMPLOYMENT INSURANCE. Employers are taxes by the state to help fund this program. To receive benefits, unemployed workers must meet certain requirements. Each state has their own rules, but workers must have worked for a certain period of time, usually one year before coming unemployed, and must have lost their job through no fault of their own. Unemployment benefits are temporary.
400
A Wage and Tax Statement?
What is a W-2 FORM. This form shows the amount you were paid in the previous year. It also gives the amounts of income tax and social security tax (FICA) withheld during the year.
500
Extra financial rewards, such as holidays, sick leave, and profit sharing?
What is FRINGEBENFITS
500
Employer's Withholding Allowance Certificate is also known as?
What is FORM W-4. You fill out this form when you being your job and gives your employer the information needed to determine how much tax to withhold from your paycheck
500
The final date for filling your tax returns?
What is APRIL 15th
500
When a person becomes eligible for SS benefits, you must apply for them at the nearest ...
What is SOCIAL SECURITY OFFICE.
500
When a person becomes eligible for SS benefits, you must apply for them at the nearest ...
What is SOCIAL SECURITY OFFICE.
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