paychecks
How do paychecks work?
A paycheck is the money your employer pays you for doing a job.
What is the W-2 form used for?
To file your federal and state taxes
what is a tax scam?
Claiming false deductions, using a false Social Security number, and not reporting income.
What is credit?
Borrowing money or getting something of value with the commitment to repay later and often with interest charged.
Name two things that are included in a paycheck.
Gross wages, Tax deduction, health insurance, 401k, Net pay, and the amount of pay you "take home" after deductions.
What to do if your job never gave you a W-2 form?
Contact them and ask for a copy. Make sure they have your correct address.
How to tell if it is a tax scam?
A request to purchase prepaid cards or gift cards and use those to make a tax payment. They will also ask for your personal information by telephone or Email and the IRS would never ask for personal information by telephone or email.
How does credit work?
It's a financial commitment to repay money borrowed plus interest in a timely manner.
What are some things deducted from your paycheck?
Income tax, Social security tax, 401(k) contributions, Wage garnishments, and Child support payments.
what is 1099 form?
To report non-employment income to the Internal Revenue Service (IRS)
How does IRS contact you?
Through regular mail
Why is credit important?
It helps to determine whether the bank is willing to loan you money and, in many cases, what interest rate you will be charged.