Where Taxes Go
Two things that state taxes fund
What is public schools, police and fire departments, and road maintenance, healthcare, transportation, public safety, pensions, etc?
With this payment method, employers directly fund an employee’s paycheck into the authorized employee’s bank account
What is Direct Deposit?
The length of time for which an employee’s wages are calculated
What is Pay Period?
Carl’s net pay is $800/week. His gross is $1,050. How much money is deducted from his paycheck each week?
What is $250
Shared by you and your employer, FICA taxes fund mandatory programs like...
What is medicare and social security?
This form determines the percentage of gross pay which will be withheld for taxes
What is a W-4 Form?
Total of all of the deductions which have been withheld from an individual’s paycheck from January 1 to the last day of the pay period indicated on the paycheck stub
What is Year-to-Date?
Ted earns $50 per hour and works 45 hours this pay period. He takes home 63% of his gross earnings. What is his take-home pay for this pay period?
What is 1,417.50
This tax takes a larger percentage of income from high income taxpayers (HINT: there are two answers)
What is federal and state taxes?
This form states the amount of money earned and taxes paid throughout the previous year, and used to file income taxes
What is W-2 form?
The amount of money left after all deductions have been withheld from the gross pay earned in the pay period
What is Net Pay?
Josh’s gross pay is $600. He pays $182 in taxes and health insurance. What percentage of his income is deducted?
What is 30%?
Programs that are funded by federal income taxes and must be approved by Congress and the President
What is discretionary programs?
This form is used to verify the eligibility of individuals to avoid hiring undocumented workers or others who are not eligible to work in the United States
What is an I-9 form?
The amount of money subtracted from the gross pay earned for mandatory systematic taxes, employee sponsored medical benefits, and/or retirement benefits
What is deductions?
In the last pay period, Joana paid $900.50 in total taxes on their gross earnings of $2264. What percentage of their gross income do they pay in taxes?
What is 40%?
In 2024, 21 percent of the budget, or $1.5 trillion, was spent on _____ (HINT: it's a mandatory program)
What is social security?
The two steps to completing a W-4 form as a single filer is...
What is 1. Provide your personal information including: name, address, filing status, and social security number. 2. Sign and date the form?
What is retirement and health benefits?
Imani’s salary is $100,000 per year. She withholds 23% of her paycheck in taxes, 15% for retirement, and 5% for health insurance. What is her approximate take-home pay for the year?
What is $57,000?