Sources of Earned Income
How do you find the overtime wage?
1 1/2 times regular rate.
What are examples of Earned Income?
Salaries and wages, Interest Business profits, Tips, Commissions, Bonuses, and Professional fees
What's W-2 do?
Reports a worker’s taxable income for the year.
What's Self-employment?
The state of working for oneself rather than an employer.
What are Taxes?
Taxes are based on consumption, income, and wealth.
What is a salary?
Fixed compensation for services, paid to a person on a regular basis.
What are examples of unearned income?
Interest, Dividends, Capital gains, Gambling winnings, Alimony, Annuities, Unemployment compensation, Social security benefits, and Pensions
What's 1040EZ?
a tax return for filers with no dependents or itemized deductions
What's an entrepreneur?
Someone who is self-employed and owns a business.
Who are Direct Taxes paid to?
It's paid directly to the government.
What is a tip?
A gift of money for a service.
What are examples of Variable Income?
Business profits, Rents, Royalties, and Farm Income
What's 1040A?
a tax return that allows more options for income and deductions.
True or False: Workplace Safety does not benefit both Company and workers.
False
What are Indirect taxes?
Charges on goods or services bought by the consumer.
What is a commission?
A set fee or percentage of a sale.
What are the Benefits?
Forms of pay other than salary or wages.
What's 1099-INT does?
Reports interest earned
How can you show skills of teamwork in the workplace?
Set clear goals and create a plan, Define the duties of each team member, Identify how success will be measured, Identify problems the team may face, Have regular meetings, Build on the strengths of team members, and Recognize accomplishments.
What are examples of Direct Benefits?
Social security, police, national parks
True or False: Every state has the same minimum wage laws.
False
What are examples of Benefits?
Pay without work, Education, Perks, Insurance/HSAs, Retirement plans, Profit-sharing plans, and Stock option plans
True or False: If you adjusted gross income requirements, you can e-file free.
True
How can build Communications skills?
Evaluate the information you hear, Consider only important or relevant information, and Make good decisions based on what is accurate and useful.
What are examples of Indirect benefits?
public education for citizens, free vaccines.