Intro
What is a need
something you must have to surive
What is gross pay
Is the amount of earning before payroll deductions
What is benefits
Benefits to an employee from an employer
What is the IRS
bureau of the Department of the Treasury and one of the world's most efficient tax administrators
W4
Determines how much should be withheld from your paycheck for federal income taxes and that what goes to the IRS can also claim depended
What kind of need is water
Basic need
What is net pay
Take home pay is your gross income minus payroll deductions
What is a 401k
401k is a retirement plan pretax dollar employers might match it
An example of a manoditory deduction
Federal and state income tax, FICA taxes, and wage garnishments
W2
Filled out by and employer for taxes
What is a want?
Something you desire or something you would like to have or do
What is wage payment
A fixed regular payment for an hourly basis
What is Roth Ira
Roth IRA- person to set aside after-tax income up to a specified amount each year. Both earning on the account and withdrawals after age 59 1/2 after tax-free
What is a voluntary deduction
Taken for programs in which individuals participate voluntarily, e.g., health insurance, dental insurance, retirement,
Verifies your identity
What does SMRT stand for
Specific
Measurable
Realistic
Time bound
If you worked 40 hours at 14.00 and worked 2 hours over time how much would you make.
581
What is a pension
Employer funded plan the employees receives regular payments in retirement
What is excise tax
An excise, or excise tax, is any duty on manufactured goods that is normally levied at the moment of manufacture for internal consumption rather than at sale
1040
Calculates your taxable income
How long is a long term goal
5+ years
Extra pay for making a sale
What is direct deposit
Employers directly deposit employees paycheck into employees bank account
Tax avoidence vs tax evasion