Types of Taxes
This tax is imposed by a state on your income and varies by state.
State Income Tax
This is a benefit that allows for one to still be paid on national holidays.
Paid Holidays
How many hours are in a normal work week before overtime sets in?
40 Hours
Name one benefit of paying taxes.
Parks, road maintenance, highways, government transfer payments, money in retirement, public education, national defense, police
Do all jobs provide formal benefits like healthcare and retirement?
No, but you can always find an upside and some kind of benefit from a job.
This tax is imposed by the federal government on your income and the tax rate you pay depends on how much money you make.
Federal Income Tax
Healthcare Benefits
This is a required payment that all individuals must pay in this county that supports the government and its programs.
Tax
Please define unearned income.
Money that is received from sources other than work at a job.
What is PA minimum wage?
$7.25/hour
This is a tax everyone must pay to cover their medical expenses in retirement.
Medicare
This is a benefit that allows you to take time off if you are sick and still get paid.
Sick Leave or Sick Days
1.5
Transfer Payments
What is a dividend?
A sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits.
This is a payroll tax that provides a paycheck for an individual in retirement.
Social Security Tax
This is a benefit that helps you save for retirement.
Retirement Plan
This is the name for what you have earned before taxes come out of your pay.
Gross Pay
This is the form you fill out when you start a new job.
W4 form and you will get a W2 in the mail for tax season.
What is the difference between Medicaid and Medicare?
Medicaid is healthcare based on income level and Medicare is healthcare based on retirement age.
This is a tax imposed on items such as alcohol, gas, and tobacco.
Excise Tax
These two benefits are not always part of your healthcare package (though most people think they are) and are highly desirable, especially as you age.
Dental and Vision Benefits
This is the amount left over after all expenses are paid (either from a business perspective or a personal perspective)
Profit OR Disposable Income
What two taxes are included in income taxes?
State and Federal
What taxes are included in payroll tax?
Social Security and Medicare