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Getting Paid
| Question | Answer |
|---|---|
| Gross Income | Amount of money earned before payroll taxes |
| Net Income | Take home pay |
| Deductions | Things taken away from your paycheck (mandatory or optional--insurance) |
| Pay Period | A regular schedule that employers pay employees |
| Payroll Taxes | A tax on earned income that supports the social security and Medicare programs (FICA) |
| Property Taxes | A tax on property, such as land, buildings, or motor vehicles |
| FICA | Social security and Medicare |
| Income Tax | Tax earned on income |
| Sales Tax | Tax on purchase goods and services |
| Excise Tax | Taxes collected from the seller or retailer and as such often remain hidden in the price of a produce or service |
| Dependent | A person who relies on the taxpayers for financial support |
| Employee benefits | Perks of being an employee of a company, insurance, etc. |
| Pay Stub | Outliners the deductions made to wages |
| Tax Liability | Total tax bill |
| Who is Medicare designed to help | Individuals 65 plus |
| Which paycheck deductions are required | Federal income tax |
| Which paycheck deductions are required | State income tax |
| Which paycheck deductions are required | Social security |
| Which paycheck deductions are required | Medicare |
| Ways you can be paid? | Paper pay check |
| Ways you can be paid? | Direct deposit |
| Ways you can be paid? | Payroll card |
| Ways you can be paid? | Cash |
| What paycheck deductions are optional? | Insurance |
| What paycheck deductions are optional? | Flexible spending account |
| What paycheck deductions are optional? | Retirement plan |
| Is property tax the same rate for all types of property? | No |
| When do you pay property taxes? | When you first purchase a property |
| What are examples of property taxes? | Land, buildings, motor vehicles |
| Excise tax examples | Gas, hotel room, alcohol |
| What is a W-4? | Choose how may dependents you have |
| What is a W-2 | Receiving in order to fill out taxes |
| What does paying our taxes help provide? | Roads, public schools, military, police, fire departments |
| Which benefit covers medical expenses? | Insurance |
| Which benefit covers income while unemployed? | Unemployment insurance |
| Total tax bill | Tax liability |
| Amount of money left once all deductions have been taken from gross income? | Net income |
| Products or services provided by an employer that adds extra value for employees beyond wages paid | Employee benefits |
| A person who relies on the taxpayer for financial support | Dependent |
| Outlines the deductions | Pay Stub |
| Workers' compensation | Getting hurt on the job |
| Information you should look for on a pay stub | Amount of hours worked |
| Information you should look for on a pay stub | Overtime |
| Information you should look for on a pay stub | Amount of money deducted for taxes |
| Information you should look for on a pay stub | Year-to-date |
| Information you should look for on a pay stub | Net earnings |
| Information you should look for on a pay stub | Gross earnings |
| Salary | Set amount of money--not dependent on the specific number of hours worked |
| Hourly | Specific rate per each hour--minimum wage |
| How is pay period different than pay date? | Regular schedule that employers pay employees |
| Year-to-date | Amount from Jan 1 to last day of pay period (YTD) |
| How do employer contributions benefit the employee? | Providing the Benefits--employer matching personal deduction |
| Taxes | Sum of money demanded by a government to support the government itself as well as specific facilities or services |
| Community | Group of people with common interests and concern for the common good |
| Taxpayer | Person who pays a tax to national, state, country or municipal government |
| What does the community help | People within |
| What is Federal income determined by? | Earned and unearned income |
| What is Federal income paid by? | Majority of people living in the U.S. |
| What does Federal income help fund? | Operations of federal government and government programs (education, defense of the nation, disaster relief) |
| What is State income determined by? | Earned and unearned income Higher income= more tax paid |
| What is State income paid by? | Those living in states with a state income tax (not all states have state income tax) |
| What do State income help fund? | Varies by state--highways, operations of state government |
| What is payroll tax determined by? | A set percentage of earned income, deducted out of a paycheck |
| What is payroll tax paid by? | Individuals who earn income from working for pay (employees) |
| What does payroll tax help? | Social security program, Medicare program |
| How do employees contribute to payroll taxes? | They match you, which cuts the amount in half |
| What is property tax determined by? | Percentage of property tax and amount paid varies depending on where you live |
| What is property tax paid by? | Property owners: fee to license car is a property tax |
| What does property tax help fund? | Schools (public), expenses and local governments |
| What is sale tax determined by? | Percentage added to original price of an item |
| What is sale tax paid by? | Anyone who purchases an item charged with sales tax, some states don't have sales taxes |
| What does sale tax help fund? | Expenses of state and local government |
| What is an excise tax determined by? | Gas, hotel rooms, airline, cigarettes, alcohol, included within the price in these items |
| What is an excise tax paid by? | Anyone who purchases certain items, varies by location |
| What does an excise tax help fund? | Expenses of state and local government |
| What is the most expensive tax? | Federal income tax |
| What is one of the largest expenses for many people? | Taxes |
Created by:
trinityhogge
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