Parts of a Paystub
The Amount of money on the check and that you will get to deposit into the bank
Net Pay
Total amount of money you earn before taxes and deductions
Gross Pay
Money paid to federal government from your paycheck
Federal Income Tax
On a local level, taxes provide services such as... (name 2 of the 6)
What is education, parks, roads, and police, fire, and health departments?
True/False: State income taxes are withheld in all 50 states.
Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming are the only states that do not levy a state income tax. Note that Washington does levy a state capital gains tax on certain high earners.
The abbreviation for the amount of money you have earned so far that year
YTD
Pay check is electronically submitted into your bank account from your employer.
Direct Deposit
Name an example of a FICA tax
Social Security or Medicare
On a national level taxes provide...(name 2 of the 6.)
What is salaries for congress, funds for National Defense, highways, wildlife refuges, welfare, and foreign aid?
What is the difference between a paycheck and a paystub?
Paycheck= money to put in bank account. Paystub= information on the breakdown of earnings/taxes/deductions.
The specific week(s) covered on that paystub.
What is a dependent?
A person who lives with you and for whom you pay more than half of his or her living expenses.
Are federal income tax & state income tax mandatory or voluntary?
Mandatory
Name the basic tax form
Form 1040
Name 2 other things we pay taxes on other than Income and Sales Tax
Property, Sin, Capital Gains, Inheritance, Estate, etc.
Name 3 pieces of information that is shown on your Paystub (Not including anything with money)
Name, Work address, SSN, Employee ID, Hours you worked, Hourly Rate, Pay Date, Pay Period
What does SSN stand for?
Social Security Number
Name a voluntary deduction that can be taken out of your paycheck?
health insurance, retirement, dental, vision, etc...
Name a state that does not pay sales tax
Name one of the three states that have the top 3 highest state income tax in the Country
California, Hawaii, New York
Name the documentation that provides proof that you can work in the United States.
What is a Social Security Card or Permanent Resident Card (aka Green Card) (plus an ID, DL, or Passport)
Document sent to you by your employer that shows the amount of money you made this year and the taxes withheld and is used to file your taxes
W-2
Name the form you fill out to that will inform the government how much taxes to take out of your paycheck
W4
Willful failure to pay taxes is called ______ ________.
What is "Tax Evasion?"
What does "IRS" stand for?
What is the "Internal Revenue Service?"