Retirement
What is one thing you can do to plan for retirement?
Set Long-Term Goals
Conduct a Financial Analysis
Review Assets
Tax on imported goods.
Tariff
The government pays soldiers’ salaries.
Government Spending
Dayana has not had a job in 5 weeks and she has stopped her search for a job. Is she unemployed?
No
What does higher deductions and credits equal?
Lower taxes
Salary-reduction plan meaning the amount contributed to the plan is taken from your pre-tax earnings (gross pay) and set aside in this account
Tax deferred
401k
A company hires outsiders to complete a task
Many businesses are also moving operations overseas
Outsourcing
A U.S. company sells cars to Canada.
Export
Since Dayana has not been able to find a job in more than 4 weeks and has given up on her search, she would be considered a _______ worker
Discouraged
Joe takes a standard deduction of 13,850. Sarah takes an itemized deduction of 16,000. If they both make 30,000 a year, who will pay LESS in taxes?
Sarah
Similar to a Traditional IRA, but annual contributions to a _________IRA are NOT tax-deductible, but the earnings are tax-free
Roth
A restriction that halts trade with a particular country
Embargo
An American buys a smartphone made in China.
Import
When people lose their jobs due to a recession or contracting economy
Cyclical Unemployment
How much money do you have to be paid by an employer to receive a W2?
At least $600
Salary reduction retirement plan from a non-profit institution is called a ________.
403b
term used to describe President Ronald Reagan’s economic policy to lower taxes on everyone (including the rich), to promote investing in one’s company and more money for a consumer to spend (government staying out of the economy)
Reaganomics
A student buys a used car from their neighbor.
Does not count
When people are entering the workforce for the first time or are between jobs because they’re looking for a better one
Frictional Unemployment
What is in box 12 of a W2?
Employee benefits
What is the tax advantage of a 403(B)?
Tax deferred
Government spending in the economy is a good thing (FDR in the Great Depression)
Keynesian Economics
GDP adjusted for inflation is called...
Real GDP
What is the equation to calculate the unemployment rate?
Unemployed divided by labor force X 100
which two boxes show Social Security and Medicare on a W2?
3,5