Forms
You receive this form for every job you work and you can tell how much you earned and how much you paid in taxes.
W-2
What are two primary sources of employment?
1. Hired by a business or an employer 2. You are self-employed
What is Sales tax?
YTD means Yearly Tax Deduction
False, it means Year to Date
1. How many pay periods do you get weekly?
2. How many pay periods do you get bi-weekly?
1. 52
2. 26
You receive this if you are not an employee, but were paid by a company and you don't get taxes withheld if you have it
1099
What is the difference between salary and hourly wage?
Salary is a set amount of money, not dependent on the number of hours worked. Hourly is when you earn a specific rate for every hour worked. EX:16/hr
What is Property tax?
Tax paid on property owned by an individual or other legal entity, such as a corporation.
Net income is the money you have after tax.
True
1. How many pay period do you get monthly?
2. How mnay pay periods do you get bi-monthly?
1. 12
2. 24
This is completed every April and anyone can use it, there is a lot to fill out
1040
What are 3 methods that employers use to pay employees?
1.Paper Paychecl
2. Direct deposit
3. Payroll Check
What is Excise tax?
Taxes imposed on certain goods, services, and activities.
Gross amount of money is the money you have after tax.
False, its the amount of money you have before tax.
1. What's unearned income?
2. What's earned income?
1. Money from investments rather than work
2. Money you earn from physically working
You get this every time you start a job and you must list info about yourself and your family. This form determines how much money gets taken out of each paycheck.
W-4
What are the pay periods?
Weekly, Bi-Weekly, Monthly, Bi-Monthly
What is Income tax?
True
1. Whats a paper paycheck?
2. Whats a payroll card?
1. A paper document from an employer to an pay employee.
2. Prepaid debit card for employees.
You get this whenever you start a job, it's used to prove that you are eligible to work in the U.S., and you must provide forms of identification when submitting it.
I-9
What is a Pay stub?
Outlines the deductions made to wages.
What is Payroll tax?
Tax paid on the wages and salaries of employees to finance social insurance programs like Social Security, Medicare, and unemployment insurance.
Workers comp helps pay medical expense if you are injured at home.
False, it helps pay medical expenses if you are injured on the job.
1. What does dependent mean?
2. How do you determine dependent or independent.
1. A dependent is someone who can't support themselves financially they are not making enough money to do so.
2. Most of the time if you're part-time you're dependent, and if you're full-time you're not a dependent.