Intro
Gross pay vs Net pay
retirement plans
taxes/deductions
Employee forms
100

Is this a need or want? : Water

need

100

define gross pay

your total initial pay before taxes and deductions

100

What are the 3 most common retirement plans:

401K

Roth IRA

Pension

100

What Government agency receives and regulates taxes?

IRS

100

What employee forms are required for a new job?

W-4

I9

W-2

1040

200

What is the general length for these goals?

Short term

Mid term

Long term

Short term: < 1 year

mid term: 1-5 years

long term: 5+ years

200

define net pay

net pay is the total pay after tax deductions. 

200

What is a 401K plan?

a 401k is a retirement plan that you get from an employer. this plan will take some of your paycheck and will be your savings account when you retire. It can only be drawn out once you reach 59.5 years old.

200

What are excise taxes?

additional taxes on certain goods to deter people from buying them. Ex. Tobbacco
200

What is the W-4?

The employee fills this out to determine the percent of gross pay to be withheld for taxes. They would also use this form to claim dependents like children.
300

It is the definition of SMRT goals

Specific

Measurable

Realistic

Time-Bound

300

What is the federal minimum wage?

$7.25 per hour

300

What is employer match?

Employer match is when the company will match the amount an employee deposits into their 401k up to a certain maximum, and place it in their 401K.

300

What are some voluntary taxes?

donations, insurance, savings and other retirement plans

300

What is the I-9?

This form is filled out by the employee to prove that they are eligible to work in the United States. Uses many forms of identification.

400
Sam plans to buy an electric bike in 18 months. What kind of time frame is this goal?

mid term

400

What is the overtime pay rate?

1.5x or higher

400

What is a Roth IRA? What tax benefit does it have?

Roth IRA is an individual retirement plan, the employee will set aside some after-tax income up to a specific amount each year. It's tax benefit is that earnings and withdrawal from the account after the age of 59.5 is tax free.
400

What are some mandatory taxes?

Federal income tax, state income tax, social security tax, medicare tax, local income tax

400
What is the W-2?

the employer fills this out to show the employee's taxable income.

500

is this a SMRT goal? I wish to get a controller

no

500

If James earns $9.50 per hour and works 40 normal hours in a week, and 7 overtime hours. If there are tax deductions (social security 6.2%, healthcare 1.45%) what is his total net pay for the week?

$443.05

500

What is a Pension?

A pension is a plan funded by an employer. The employee receives regular payments in retirement.

500

Is this tax evasion or tax avoidance? Charlie claims that he has dependents when he doesn't, and reports his income as lower than it is.

Tax evasion

500

What is the 1040?

Employer fills this out for individual employee taxpayers to use to file the annual income tax returns of the employee.

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