RETIREMENT
what is the definition of retirement
what is the time when a person stops working, usually after reaching a certain age
why is it important to start saving money before retirement
your're money has more time to grow
what is the money you pay to the government based on you're income tax
income tax
2 reasons we pay taxes
goverment services, well being of society
how many continents are there
7
what is social security
social security (SS) is a federal program that provides monthly income to retired workers
what is 401(k)
401(k) is a retirement plan offered by many employers that allows you to invest a portion of your paycheck before or after taxes are deducted
what is tax refund
money returned when you paid more taxes than you owed
whats the range of the 7 tax brackets
10-37
what's the largest ocean on earth
pacific
what is medicare
a federal health insurance program primarily for people age 65 or older
what is Roth IRA
a retirement account where qualified withdrawals are tax free
sales tax
tax is the same for everyone (everyone pays the same amount)
most common way to do taxes
turbo tax
which country has the largest population
what is the age when many people traditionally begin receiving social security benefits
62
why should someone estimate they retirement expenses
to determine how much they need to save for retirement
what is a tax deduction
an amount that can reduce your taxable income
what does form W-4 show
shows how much money you made
mammal capable of true flight
a bat
what is a pension
a retirement plan that provides regular payments after leaving a job
IRA stands for
Individual Retirement Account
progressive tax
the more you make the more you pay taxes
what happens if you pay less during the year than you needed to
you must pay the difference
country with the biggest military base
United States