Parts of a Paystub
The date that you get paid.
Pay Date
Total amount of money you earn before taxes and deductions
Gross Pay
Money paid to federal government.
Federal Income Tax
On a local level, taxes provide services such as... (name 2 of the 6)
What is education, parks, roads, and police, fire, and health departments?
How much more do you get paid for working overtime?
Time & half
The abbreviation for the amount of money you have earned so far that year
YTD
Total amount of money you take home after taxes and deductions.
Money paid to local state.
State Income Tax
On a national level taxes provide...(name 2 of the 6.)
What is salaries for congress, funds for National Defense, highways, wildlife refuges, welfare, and foreign aid?
What does "IRS" stand for?
What is the "Internal Revenue Service?"
Name the documentation that provides proof that you can work in the United States.
What is a Social Security Card or Permanent Resident Card (aka Green Card) (plus an ID, DL, or Passport)
Pay check is electronically submitted into your bank account from your employer.
Direct Deposit
Are federal income tax & state income tax mandatory or voluntary?
Mandatory
Willful failure to pay taxes is called ______ ________.
What is "Tax Evasion?"
What is the difference between a paycheck and a paystub?
Paycheck= money to put in bank account. Paystub= information on the breakdown of earnings/taxes/deductions.
The specific week(s) covered on that paystub.
What does SSN stand for?
Social Security Number
Name the form you fill out to that will inform the government how much taxes to take out of your paycheck
W4
Name the basic tax form
Form 1040
True/False: State income taxes are withheld in all 50 states.
Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming are the only states that do not levy a state income tax. Note that Washington does levy a state capital gains tax on certain high earners.
Bob earns $20 an hour and works 40 hours per week. What is his gross pay?
$800
What is a dependent?
A person who lives with you and for whom you pay more than half of his or her living expenses.
Name a voluntary deduction that can be taken out of your paycheck?
health insurance, retirement, dental, vision, etc...
One important tax document you will need to complete the filing of your Income Tax is your _____, which your employer must complete and send to you by January 31st.
What is a W2?
True/False: Voluntary (optional) deductions can be taken from pre-tax (gross) wages
True! (This means you'll pay less in other taxes because your income will be considered less)