1.1 Your Job, Careers, Job Application
A full-time employee is defined by the IRS as working at least this many hours per week or this many hours per month. (2 answers)
What is 30 hours per week or 130 hours per month
What does FICA consist of?
What is Social Security and Medicare
Corra recently started working as a manager of the local grocery store, Pigly Wigly. She is currently working 40 hours a week and being paid a wage of $10/hour. She gets paid by the Pigly Wigly bi-weekly. Corra is married. Her husband also works and they have chosen to file a "combined" tax return. Corra and her husband have 1 dependent child.
If Corra worked her regular 40 hour work weeks, what would be her bi-weekly gross pay?
What is $800
I am received in January and there is one of me for every job that you are considered an employee. What tax form am I?
What is W-2
List 3 characteristics of a successful entrepreneur
What is: Problem-solver, Confidence, Tenacity (overcome hardship), Independent thinker, Vision, Focus, Action-oriented, Passion, Optimistic
What are the 4 types of pay we covered in class?
What is Wage, Salary, Stipend, and Commission
What percentages do Social Security and Medicare use to calculate the amount in taxes taken from each paycheck? (2 answers)
What is 6.2% (SS) and 1.45% (M)
Corra recently started working as a manager of the local grocery store, Pigly Wigly. She is currently working 40 hours a week and being paid a wage of $10/hour. She gets paid by the Pigly Wigly bi-weekly. Corra is married. Her husband also works and they have chosen to file a "combined" tax return. Corra and her husband have 1 dependent child.
Based on Corra's bi-weekly gross pay, how much will be deducted for Social Security?
What is $49.60
I am completed by April 15th and am required to receive a tax refund. What tax form am I?
What is Form 1040
Give one example of a real life entrepreneur
What is _______ (answers may vary)
What are the 4 mandated benefits of a full-time employee in the US?
1. Social Security
2. Medicare
3. Worker's Compensation
4. Unemployment Insurance
When do you fill out a W-4?
What is on the first day of a job or when you start a job
Corra recently started working as a manager of the local grocery store, Pigly Wigly. She is currently working 40 hours a week and being paid a wage of $10/hour. She gets paid by the Pigly Wigly bi-weekly. Corra is married. Her husband also works and they have chosen to file a "combined" tax return. Corra and her husband have 1 dependent child.
Based on Corra's bi-weekly gross pay, how much will be deducted for Medicare?
What is $11.60
I am received when you start a job and you use me to prove that you are eligible to work in the US. What form am I?
What is I-9
What isa labor market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs. Examples include Doordash, Uber, Airbnb, Postmates, etc.
Tyson was just hired for a salary position at Shelter Insurance. He was informed his salary will start at $60,000 per year and will be paid monthly. Tyson should expect to see $_____ on his paystub each month for gross pay.
Who receives a W-2?
What is the employee and the IRS
Juanita has a part-time job that pays $12/hour and works about 50 hours every month. Her deductions are Social Security (6.2%), Medicare (1.45%) and state and federal income tax ($60). What is her approximate net pay? (She is paid monthly)
What is $494
Which of these locations would you consider to have the highest cost of living: New York, Mississippi, Missouri, Iowa?
What is New York?
What is a 1099
Lisa, a high school student, bags groceries at the local supermarket three nights a week during the school year. She is a ______ (Part time/Full time) worker and likely gets paid ________ (Hourly/Salary).
1. Part time
2. Hourly
What are the 4 mandatory deductions (taxes) for all US workers?
What is Federal Income Tax, State Income Tax (Unless in one of the 9 states that dont require it), Social Security, and Medicare
Isaiah works for the summer at a technology company and has a salary for the summer of $3,000. After federal and state taxes and Social Security/Medicare taxes are deducted, his take-home pay is $2,500. What is Isaiah's gross and net pay?
A (Fill in the blank)_______ is a employer-sponsored retirement savings plan that allows employees to contribute a portion of their income to an investment account.
What is a 401k
Because self employed individuals do not pay FICA taxes like regular employees, what do they pay instead? (What percentage?)
What is 15.3% (double the 7.65% FICA tax). Called Self-Employment (SE) Tax.