Intro
Something you don't need, but still desire.
What's a want?
What's gross pay?
59.5 years old.
When can you retire?
Supporting programs paid by the government.
What are taxes?
What forms do you need to fill out in order to get a job?
W-4 and I-9
Something you have to have to survive.
What's a basic need?
Your total income, minus deductions.
What's net pay?
Full benefits at age 67, flat rate of 6.2%, pays a portion of money to retired persons.
What's social security?
Federal income tax, state income tax, social security, medicare, local income tax.
What are mandatory deductions?
Determines percentage of gross pay for taxes.
What's a W-4?
Something you have to have, but not necessarily everyone.
What's a consumer need?
Name two types of pay to count as correct.
What's a paycheck, gift card, or direct deposit?
Untaxed contributions to retirement, must be set up by employer, and may be matched by said employer. Would be converted when switching jobs.
What's a 401K?
Illegal deductions, falsifying information, not reporting all income.
What's tax evasion?
Proves you can work in the US.
What's an I-9?
What does SMRT stand for?
Specific, Measurable, Realistic, Time-bound
1.5* the normal pay rate.
What's overtime?
Employer funded, retired person would receive regular payments in retirement.
What's pension?
All income, interest on savings/bonds/etc., dividends and capital gains, gambling winnings, gifts over 14k.
What's taxable income?
Shows taxable income, filed annually, and done by your employer.
What's a W-2?
What's a short-term goal?
≤1 year
A document that outlines paycheck deductions.
What's a paycheck stub?
Post-tax income set aside for retirement, set up by individual, popular with self-employed persons.
What's a Roth IRA?
Insurance, savings, retirement plan contributions, donations.
What are voluntary deductions?
Used to file tax returns.
What's a 1040?