Taxes
paid to the government in Washington DC
What are federal taxes?
Medicare, Social Security
What is FICA?
total earnings
What is gross pay?
percentage earned on money
What is interest?
average US retirement age
What is 65?
tax on earnings
What is income tax?
this money goes to the government in Frankfort
What is state income tax?
take home pay
What is net pay?
What is a share?
number of weeks in a year
What is 52?
taxes on goods and services
What is sales tax?
voluntary plan to pay for doctor's visits and medicines
What is health insurance?
items subtracted from paycheck
What are deductions?
company earnings
What are profits?
money left after paying bills
What is disposable income?
taxes on homes, boats, motorcycles
What are property taxes?
Voluntary additional withdrawal which draws interest at your bank
What is savings?
money automatically goes into your bank account
What is direct deposit or ACH?
danger, harm, or loss
What is risk?
the United States has this type of tax system
What is a progressive tax?
federal income tax due date
What is April 15?
voluntary benefit to assist in paying for funeral expenses
summary of total earnings, take home pay, and deductions
What is year to date (YTD)?
commitment of money to earn a financial return
What is invest?
net pay formula
What is gross pay - deductions=net pay