Vocab
What is the definition of human capital?
Skills acquired through self investment
Describe the purpose of Form I-9 and its significance for U.S. employers.
It verifies employment eligibility for individuals in the U.S.
What are the various methods that employers use to pay employees?
Direct deposit, paper paycheck, and payroll card
What is the percentage of earned income subject to the Social Security FICA tax?
6.2%
Factors to consider when evaluating a job offer include:
Benefits, salary, location
What is an occupation?
A lifetime journey of building and making good use of skills, knowledge, and experiences
What form should a person receive from an employer by January 31 to complete his/her annual tax paperwork?
Form W-2 for the previous year
What are the two types of taxes?
Progressive and regressive
What is the percentage of earned income subject to the Medicare FICA tax?
1.45%
Cost of living expenses include:
Food, Housing, Transportation, Basic Necessities
A job is defined as
An employment position obtained to earn money.
What form outlines the deductions made to your pay?
Paystub
What is a pay period?
A schedule by which employers pay their employees.
FICA (Federal Insurance Contribution Act) is a tax that includes two separate taxes; what are they?
Medicare and Social Security
What is net pay?
The amount of money left after all deductions have been taken.
A career is defined as:
A commitment to a profession, which requires continued training.
What is the form filled out to file taxes?
1040
What is the most secure method of paying employees?
Direct deposit
Which of the following is not an example of a mandatory deduction?
Workers Compensation
Susan is currently working in Billings, MT earning $30,000 a year. She is offered a position in Bismarck, ND earning $32,000 a year. If Billings' index is 100 and Bismarck's index is 115, which is true:
Susan will have more spending power if she stays in Billings.
What is base salary?
The dollar amount an individual will receive in his/her monthly paycheck.
What is the form given to an employee each year for each job they have?
W-2
Bob is offered a job in Portland making $60,000 a year. He is currently working in Seattle making $50,000 a year. If Portland's index is 128 and Seattle's index is 110, which is true:
Bob will have more spending power if he moves to Portland.
What form is given to an employer by an employee for purposes of withholding for income taxes?
W-4
What is the skills gap when it comes to the workforce?
Difference between skills employees have and the skills employers want