Pay Periods
This payment schedule gives you paychecks every two weeks
What is bi-weekly?
Artists, musicians, and real estate agents are all examples of this type of payment method
What is commission/commission pay?
This common phrase is used to relate your income to how much income tax you have to pay
What is a tax bracket?
The goal of this program is designed to help retirees and the disabled pay for medical insurance
What is Medicare?
This common benefit helps cover hospital bills and urgent care visits
What is health insurance?
This payment schedule gives you paychecks two times per month
What is semi-monthly?
This payment method is described as being paid the same amount for every product produced or service completed
What is piecework/piecework pay?
This number is the percentage for the lowest tax bracket in 2023
What is 10%?
This social benefit program was established in 1935 by Franklin Delano Roosevelt
What is Social Security?
This three letter acronym is often used to refer to vacation and sick days
What is PTO?
If you are paid bi-weekly, you get this many paychecks per year
What is 26?
This payment method allows you to customize the jobs you take on; often for a fixed period and a specific task
What is contract work?
By contributing to one of these, you can both reduce your taxable income, and save money for your future
What is a retirement plan?
The current tax rate for Social Security
What is 6.2%
This type of retirement plan is sponsored by your employer and they can match the amount that you put in
What is a 401(k)?
If you are paid semi-monthly, you get this many paychecks per year
What is 24?
Alex will earn this much money if he makes 10 sandwiches and gets paid $5 per sandwich
What is $50?
Ken will fall into this tax bracket if he earns $75,000/year
What is the 22% bracket?
This four letter acronym is commonly used to refer to the combination of Social Security and Medicare taxes
What is FICA?
What are Roth plans?
A person making $10/hour will earn this time-and-a-half overtime pay
What is $15?
James will earn this much if his song makes $10,000 and he is paid 50% commission
What is $5,000?
Amy will have to pay this much in income tax if she earns $9,000/year
What is $900?
Larissa will have to pay this amount in FICA taxes if she earns $100,000/year
What is $7,650?
Mattea's health insurance costs $900, but since her employer covers 90% of it, she will only have to pay this much
What is $90?