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personal finance 1
| Question | Answer |
|---|---|
| what are taxes? | Required charges of citizens by local, state, and federal governments |
| what is a from W-4 | Employee’s Withholding Allowance Certificate |
| what is a form I-9 | Used to prove the identity of people and avoid hiring non United States citizens |
| what is a form W-2 | States the amount of money earned and taxes paid throughout the previous year |
| what are the three payrolls | direct deposit, paycheck, payroll card |
| what is a paycheck? | Paper check with stub |
| what is a direct deposit? | Employers directly deposit employee’s paycheck into the authorized employee’s bank account |
| what is a payroll card? | A payroll card electronically carries the balance of the employee’s net income |
| what is a pro of a paycheck? | Employee controls when the check is deposited |
| what is a con of a paycheck? | Least secure, employee responsible for getting it to the bank |
| what is a pro of payroll card? | Wages automatically loaded onto a card |
| what is a con of a payroll card? | May charge fees for use of the card |
| what is a pro of direct deposit? | No direct handling of check |
| what is a con of a direct deposit? | Employee knows exactly when he/she will be paid |
| what is personal information? | The employee’s full name, address, and social security number or employee identification number |
| what is a pay period? | The length of time for which an employee’s wages are calculated |
| what is Gross income? | he total amount of money earned before payroll withholdings |
| what is FICA? | helps provide retirement income for the elderly and pays disability benefits |
| what is FED/MED-EE | health care program for the elderly and disabled |
| what is net come? | The amount left after all payroll deductions have been taken from the gross income |
| what is a year-to-date? | Totals all of the deductions which have been withheld from an individual’s paycheck from January 1 to the last day of the pay period indicated on the paycheck stub |
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