Vocabulary
Define the following term: Wage
Wages are the money an employer pays an employee for work done
Which government agency deals with taxes
the IRS (Internal Revenue Services)
What is the difference between gross and net income?
Gross is the total amount before deductions, while net is the amount after deductions
What is interest?
The money you pay on top of the money you owe
Define the following term: Salary
The money earned on a yearly basis.
All YMCA participants need to complete a tax documents called what?
W-9
If your hourly rate is $15 and you work part time for 20 hours a week, how much money will you earn in a weekly check (before taxes)?
$300 a week
When you're trying to buy a car with a loan, what does the bank look at?
Credit Score
Define the following term: Taxes
The money paid to the government for services such as schools, roads, and the military.
What kind of information does a W-2 tell you?
The wages you earned and taxes you paid
If your salary is $50,000 and you are paid bi-monthly, how much will be in each check (before taxes)?
$2,088.33
What happens if you don't pay your taxes?
The IRS will add interest and start garnishing your wages
Define the following term: Social Security
Give an example of a deduction
Social Security Tax, Medicare, State Income Tax
Give one examples of benefits provided in many full time jobs.
Paid sick and vacation time (PTO), retirement, health insurance
What's the difference between a checking account and a savings account?
A savings account will earn interest but a checking account does not.
Define the following term: Financial Literacy
The understanding of making decisions about money.
A W-2 lists many pieces of information. List 3 of them
Name of Employee, Name of Employer, Addresses, Social Security Number, Taxes, Wages
What is the federal minimum wage and what is the state minimum wage?
$7.25/hour
What is one way that you are financially responsible?
many answers.