Units 1-3
Is your electricity bill a variable or fixed cost?
Variable
Typical tax deadline.
April 15th
Form you receive from your employer that tells how much you earned and paid in taxes.
W-2
Gross Pay
Two things the government has to spend money on.
Social Security and Medicare
Which account type is best to invest in if you don't need your money for a few years and you want to earn the highest interest rate?
Certificate of Deposit (CD)
What happens if you file after the deadline?
Pay penalties and interest.
Form that tells your employer how much to withhold from your check.
W-4
Take home pay.
Net Pay
Is an employee ID number the same as Social Security number?
No
Where on a deposit slip do you indicate how much cash you would like back?
LESS CASH
If you get an extension, when are your taxes due?
October 15th
1040
$4000
Where on a pay stub do you find the total number of hours a person worked?
Is your monthly insurance premium an out-of-pocket expense?
No
First day you can file your tax return.
January 29th
1099
Increase in deductions leads to this to your net pay.
Lowers
Children under the age of 17 can be claimed by their parents on taxes. They are known as this.
A dependent or dependents.
You have $75,000 worth of bodily injury insurance and you injure someone and they need $50,000 worth of medical care. How much do you have to pay?
$0
Employers are supposed to mail this form to employees by January 31st.
W-2
I-9
Deductions taken out before your check is taxed.
Pre-tax deductions
If you receive a 1099 or a W-2 and make over $600, you are required by law to do what?
File taxes