8.1 Pay/Benefits
A set amount of money earned by an employee per year or other fixed length of time is known as what?
Salary
This is the amount of money you receive BEFORE taxes and deductions.
Gross Pay
You file out this form when you start a job.
W-4
If you are paid MONTHLY and you had a salary of $140,000, what is your GROSS PAY for one paycheck?
$11,666.67
Your gross pay is $1,555. What amount will go towards FEDERAL TAX?
$155.50
Paid by the amount of hours you work.
Wage
This is the amount of money you receive AFTER taxes and deductions.
Net Pay
What is a W-2 form?
Form showing your total earnings for the year and the total taxes withheld.
You make $10 an hour and worked 28 hours. How much would your paycheck be?
$280
Your gross pay is $1,555. What amount will go towards STATE TAX?
$77.75
Saint Patrick works at Mancari's Chrysler/Dodge/Jeep and is paid 6% of all the cars he sells. What type of pay is Saint Patrick receiving?
Commission
Anything (including taxes) that is subtracted from your gross pay is known as what?
Deductions
Someone who is supported by taxpayer's income.
Dependent
If you are paid a 7% COMMISSION and you made a total of $109,500 of sales, how much would your GROSS Pay be?
$7,665
Your gross pay is $1,555. What amount will go towards SOCIAL SECURITY?
$96.41
You receive overtime pay when you work over _______ hours.
40
What does the government use our taxes for? (Provide THREE examples)
State: Roads, schools, parks, prisons...
Federal: Military, unemployment, food, housing, education, space exploration...
What is the last date you can file for your taxes?
April 15th
You are paid a SALARY of $300,000. What would your BI-WEEKLY pay be?
$11,538.46
Your gross pay is $1,555. How much is your TOTAL DEDUCTIONS?
$352.21
List 4 benefits that can be given by an employer (Exclude pay)
Health Insurance
Dental Insurance
Retirement Plan
Vacation and Sick Time
Maternity Leave
List the FOUR MAIN TAXES that everyone pays towards AND their PERCENTAGES.
Federal 10%
State 5%
Social Security 6.2%
Medicare 1.45%
What is the 1099 form?
Form that shows how much interest you made on savings during the year.
You make $26 an hour and worked 51 hours last week. What will your GROSS PAY be? (Remember to factor in OVERTIME...)
$1,469
Your gross pay is $1,555. You are NOT in a union and you do NOT have health insurance. After taxes what will your NET PAY be?
$1,202.79