Employee Benefits
Advantages in addition to salary.
What are employee benefits?
What is the Social Security tax percentage?
What is 6.2%
What is the total amount of income you earn in a pay period?
Gross pay
What is the pay after tax deductions?
net income
Name 2 college traps
more years more tuition, changing your major, catch up classes.
A benefit that helps pay for college.
What is tuition reimbursement?
What is the Medicare tax percentage?
What is 1.45%
Pay based on a percentage of the cost, items, or services sold
commission
salary before tax deductions
What is Gross Income?
Name 3 ways to lower the cost of education
scholarships, saving smart, get a job
What are the two retirement plans that companies offer?
401K and a Pension
What is the tax paid to CT?
What is state income tax
What is failing to repay a loan?
Defaulting
How many paychecks do you get each year if you are paid bi-weekly?
26
tells the employer how much to withhold from your paycheck based on your allowances.
What is W4
If you make $90,000 a year and are paid bi-weekly and have to take 15% out of your paycheck for federal tax, how much money is taken out of your paycheck for federal taxes?
$519.15
If you are married with 2 kids, how many allowances do you have?
What is 4 allowances
Allows the borrower to put off making payments while in school. Interest still accumulates and compounds, increasing the amount you owe.
What is loan deferment
What is the CT minimum wage?
$11/ hour
What is the federal insurance contributions act?
contribution directed towards both employers and employees for social security and medicare.
What is the most used employee benefit according to Unum's survey?
The ability to work from home.
Provide 4 ways that the U.S. government spends tax dollars
Education, military, construction, and to pay off debt
The sum of the pay and benefits offered to an employee
Define compensation package
When was direct deposit first invented?
1999
How much money does your salary need to be to be taxed at 37% for federal income tax if you are single?
$510,301 or more