Terms
How many times does an employee get paid each year if they are paid bi-weekly?
26
Wages/Hourly
Gross pay is also the amount you _____.
earned
State taxes are considered a __________ deduction.
Mandatory/required
Molly bought a candy bar for her friend Hailey. Who is the consumer and who is the customer?
Molly - Customer
Hailey - Consumer
A fundamental belief or practice about what is desirable, worthwhile, and important to an individual.
Compensation that is paid regardless of hours worked.
Salary
Net pay is also the amount you _____.
take home
Name 3 types of voluntary deductions.
Health care, child care, retirement (401k), Life Insurance
I have two hours free on Saturday, I can go see a movie or go ice skating with friends. I choose to go ice skating and I am giving up seeing a movie.
Opportunity Cost
The inability to satisfy unlimited wants and needs
Scarcity
Define commission
Jeff's gross pay is $4,000, his deductions are $1,250 and his net pay is $2,750. How much does Jeff take home?
$2,750
Name 2 public services provided for by federal taxes.
National Defense
National Parks
Interstates
I need to by a new pair of pants to replace the ones that now have too many holes in them to wear to school. Is this a need or a want?
Need
Skills/Qualifications, Knowledge, and Abilities makes up...
Human Capital
1. 40 hours x rate
2. overtime hours x rate x 1.5
3. Add them together
Milly received her pay check. She calculated how much she earned and it was less than what she was expecting. Why?
Did not anticipate the deductions of income and payroll taxes.
Which taxes are categorized as FICA taxes?
1. Social Security
2. Medicare
List all 4 ways to confirm identity for legal working status in the U.S.
1. Birth Certificate
2. Social Security Card
3. Driver's License
4. Passport
What are fringe benefits? Give an Example.
items not included in actual income or wages; PTO, health insurance, retirement plan, free gym memberships
Wages that are paid based on completion of a task
Piece-Rate
Joe's gross pay per pay period is $3,000, his deductions are $750 and his net pay is $2,250. Joe is paid bi-weekly. How much is Joe's Salary?
$78,000
__ ____ is used to determine the amount an employee will have withheld from their paycheck for federal taxes.
W-4 form
Quinn has arranged to volunteer for an accountant to decided if this is a career she wants. She has concerns with the following; future outlook, amount of money earned, opportunities for advancement, common tasks performed, and typical daily activities. Which two concerns will be addressed by volunteering?
Common tasks performed and typical daily activities.