intro
list 3 basic needs
food, water and shelter
what is gross pay?
it is the amount of earnings before payroll deductions
what is net pay?
also called take home pay is your gross income minus payroll deductions
what is tax avoidance?
reducing your taxes by claiming legitimate adjustments, tax deductions, and credit
what form do you fill out on your own when you first get hired?
W-4 form
What does S.M.R.T stand for?
S-specific, M-measurable, R-realistic, T-timebound
what is the overtime pay rate?
Overtime pay is 1.5 times the regular pay
if bob earns $100 gross and he is in the 28% tax bracket, what will his net pay be?
$72
what is tax evasion?
failing to declare all income or falsifying deductions, adjustments, or credits
what is an I9 form?
Proves you are eligible to work in the US
how long is a short term goal? medium? long?
short - one year or less
medium - one to 5 years
long - 5 or more years
what is the minimum wage in New Jersey?
$12
what are types of voluntary deductions? and what are types of mandatory deductions?
voluntary
mandatory
what is a W2 form?
Filled out by your employer. Shows your taxable income.
is a car a need or a want?
it is a need for especially for people who need it to get to their jobs.
what are the 3 ways you can be payed?
paycheck, direct deposit and pay card
what are the two parts of the FICA tax?
social security fund and Medicare
what is a 1040 form?
form that individual taxpayers use to file their annual income tax returns
if sally gets payed $12,000 and there are 24 pay periods in a year, what is her gross pay per period.
their gross pay per period is $500
what is the difference between tax avoidance and tax evasion?
tax avoidance describes a legal structure to pay as little taxes as possible. tax evasion is when you illegally don't pay your taxes that are owed.