unit 1b Flashcards
What are TAXES?
Charges imposed on citizens by local, state, and federal governments.
Why should one “claim” a dependent?
It will lower the amount of taxes taken out of each of your paychecks so that you can bring more of what you earn home.
Examples of Dependents
Children, older parents, anyone who lives with you.
Gross pay
Total Earning BEFORE taxes
Net Pay
The total amount you take home to spend, “take-home pay“
What values impact financial decision-making
Social - Inner - Financial - and Physical
Direct Deposit and benefits
Employers directly deposit an employee’s paycheck into the authorized employee’s depository institution account.
Social Security, police, national parks
Calculating Gross pay
Hours worked x hourly pay = gross pay
and
Salary / 52 (weekly) = Gross pay
Salary / 26 (bi-weekly) = Gross pay
Salary / 24 (Semi-monthly) = Gross pay
Salary / 12 (Monthly) = Gross pay
Calculating Net pay
Gross pay - total deductions = Net pay
Calculating Over-time pay
40 x hourly pay = ###
The over-time hours x hourly pay x 1.5 = $$$$
### + $$$$ = Gross pay
W-2
You use this form in order to file your tax return.
W-4
Determines the percentage of gross pay which will be withheld for federal income taxes
1-9
Used to verify the identity and employment eligibility of individuals for employment in the U.S.
Calculate gross pay of salary and hourly
Salary / 52 (weekly) = Gross pay
Salary / 26 (bi-weekly) = Gross pay
Salary / 24 (Semi-monthly) = Gross pay
Salary / 12 (Monthly) = Gross pay
Social Security tax used for?
To pay people who are getting benefits right now
