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Brenda's net pay is $525/week. Her gross is $700. How much money is deducted from her paycheck each week?-
$175.00
Melinda's gross pay is $570. If the Social Security tax is 6.2%, how much will she pay in Social Security?
$35.34
tara's deductions add up to $112 a week. If her net pay is $425 a week, what is her gross pay?
$537.00
Pedro's gross pay is $775/week. He pays $223.45 in deductions. What is his net pay?
$551.55
How much did Jose pay in disability tax so far this year?-
1.80$
What is the total amount of Jose's deductions for this paycheck?-
104.48$
Andre's gross pay is $950. He pays $171 in taxes and health insurance. What percentage of his income is deducted?What percentage of Jose's current pay goes to state income taxes?
18%
How many vacation days does Jose have left? (8 hours count as 1 day.)
2
How much money did Jose take home this pay period?-
340.52$
Anita works for $10/hour about 40 hours a month. Her Social Security withholdings are 6%, Medicate is 1.5% and federal income tax 5%. What is her approximate net pay?
351.842.
How much did Jose earn this pay period?-
445.00$
What would Jose's gross pay be if he worked 52 hours in one week?-
580$
How much medicare tax has been deducted from his current pay? -
6.45$
How much has Jose paid in social security taxes since the beginning of the year? -
82.77$
What information does a W-2 provide?
A W-2 tax form shows the amount of taxes withheld from your paycheck for the year and is used to file your federal and state taxes.
Which of the following statements is TRUE about the value of education?
A college graduate can expect to earn, on average, about a $1,000,000 more than a high school graduate over a career.
Benefit-
A cost, such as health insurance, paid in full or in part by an employer
W-4
A form that tells your employer how much federal tax to take out of your pay.
As you make decisions during college, you should focus on
Balancing your academic, social, and financial decisions to make the most out of the entire experience while setting yourself up for success post-college
What are some methods of payment that the IRS will accept if you owe money?
Direct debit from your bank account, Payroll deduction from your employer, Payment by EFTPS
While doing online research about the colleges you're considering, you see an ad that says, "Enter a few vital pieces of information, pay $39.99 per month, and we guarantee you'll win a scholarship. You don't even have to write an essay! Sign up today with just your name, social security number, and an email address!" How should you proceed? *
Don't sign up, because you shouldn't pay money to win scholarships, and you shouldn't enter your SSN into unknown websites
In order to qualify for financial aid, which form must you file? *
FAFSA
Each of the following organizations offers grants to college students EXCEPT... *
FAFSA.
What is one advantage of Federal student loans?
Federal student loans have lower credit standards (are easier to get) than private loans, which may require a co-signer
Which of these two documents are the same? *
Financial Aid Package and Financial Aid Offe
What is a 1040 form? What could possibly happen if you make a mistake?
Form 1040 is used by U.S. taxpayers to file an annual income tax return. To correct the error, you would need to file an amended return with the IRS. If you fail to correct the mistake, you may be charged penalties and interest. You can file the amended return yourself or have a professional prepare it for you.
What is an I-9 form?
Form I-9, officially the Employment Eligibility Verification, is a United States Citizenship and Immigration Services form.
Fred is comparing different financial aid offers he has received. He notices that some of the offers do not contain sufficient information for him to determine the net price for that school. What is the BEST course of action that Fred can take? *
Fred should contact the financial aid office at each school to ask for the missing information.
Which of these options depicts the types of financial aid from MOST attractive to LEAST attractive? *
Grants/Scholarships, Work-study, Federal loans, Private loans
Pretax-
Gross income before tax is calculated
You'll need a budget once you get to college, so that you aren't overspending each month. Which piece of advice is MOST useful?
Have a conversation with your parent(s) beforehand, so you understand who will pay for which monthly expenses
Janelle's family earns about $60,000 per year. She has been accepted to State U and Greenlawn College and is comparing their financial aid packages. State U has a sticker price of $28,000 and net price of $12,000. Greenlawn College has sticker price of $60,000 and net price of $9,000. Which statement below is FALSE? *
If making a decision strictly based on cost, Janelle's best option is State U
Keith's tuition, room & board, and fees for freshman year total $26,000. Using scholarships, grants, and Federal student loans, his financial aid package is $26,500. What option below is both realistic and financially responsible? *
Keith should pick up a part-time job (during the academic year or during breaks) to cover remaining expenses
Gross Pay-
Money before taken from your paycheck to things like taxes and health insurance.
Deductions-
Money taken from your paycheck to cover things like taxes and health insurance.
Sarah lives on campus. Which of the following cost categories can she most likely remove from her budget?
Monthly on-campus parking permit
How much does it cost to file the FAFSA?
Nothing; it is free
Typically, when should you first file the FAFSA?
October or November of your last year of high school
At what point in the hiring process might you be expected to complete forms for taxes, health insurance, and other company benefits?
Only once they have offered you the job but before you formally accept it.
When filing your FAFSA, you'll need each of the following documents EXCEPT... *
Proof of Employment
Current-
Relating to the time period covered by a particular paycheck.
Which of the following is a good strategy to use when it comes to paying for college? *
Save your earnings from your summer job so that you can reduce the amount of loans you need to take
Allowance-
Set amount deducted from gross pay for a specific purpose.
What is the threshold(dollar value) for those who do not have to file a tax return?
Single filers don't need to file a tax return if your gross income doesn't exceed the standard deduction of $12,400, or $24,800 if you're married and filing jointly.
SSN-
Social security Number
Which of the formulas below equates to net price? *
Sticker price minus grants and scholarships = net price
Which type of financial aid am I? I have limits on the amount that you can borrow based on your year in college. The federal government makes the interest payments on me while you are in college, and you make the interest payments on me after you graduate. *
Subsidized federal loan
[TRUE/FALSE] People who are not familiar with filing taxes should not use e-filing software, because there is no access for support if they need it.
TRUE
Net Pay-
The Amount of money you take home after taxes and other expenses are taken out.
What is a W-2 and why is it important?
The IRS requires employers to report wage and salary information for employees on Form W-2. Your W-2 also reports the amount of federal, state and other taxes withheld from your paycheck. As an employee, the information on your W-2 is extremely important when preparing your tax return
What is a W-4 and why should you accurately complete it?
The W-4 Form is an IRS form that you complete to let your employer know how much money to withhold from your paycheck for federal taxes. Accurately completing your W-4 can help you prevent having a big balance due at tax time.
As a result of completing the FAFSA, you get a student aid report that indicates your EFC is $10,000. What does this mean? *
The government expects that your family can contribute about $10,000 to the cost of your education
How do you calculate net income?
To calculate net income, take the gross income — the total amount of money earned — then subtract expenses, such as taxes and interest payments. For the individual, net income is the money you actually get from your paycheck each month rather than the gross amount you get paid before payroll deductions
Which of the following statements about applying for grants and scholarships is FALSE? *
While the FAFSA is required for federal loans or grants, you don't need to complete it for university, community, or professionally sponsored funds
When determining what is important for a federal tax return you should consider at least three things:
Who is required to file. Filing to get a refund.Taxpayers can file for free. All taxpayers should keep a copy of their tax return.
What does the term "withholding" mean?
Withholding is the portion of an employee's wages that is not included in their paycheck but is instead remitted directly to the federal, state, or local tax authorities. Withholding reduces the amount of tax employees must pay when they submit their annual tax returns.
YTD-
Year to date; Total earnings or deductions from jan 1 to date of paycheck
What is a good rule of thumb to consider when it comes to student loan debt?
You should generally limit your borrowing to what you expect to earn as a starting salary when you leave college
When Emmanuel receives his Student Aid Report, it lists an Expected Family Contribution of $8000. His family had only budgeted to give him $2000, so they are $6000 short. Which piece of advice is LEAST useful in this situation? *
You should start the semester, hope the college doesn't notice the shortage, and then deal with the consequences later if they catch you."
You will find each of the following pieces of information on your student Aid Report (SAR) except..
a record of all scholarships you have applied for.
Your financial aid package at your dream school includes eligibility for a work-study job. Which of these is a valid reason for rejecting that opportunity? *
if you cannot handle the time commitment of academics and the work-study job, your grades might suffer
Rate-Wage,
or the amount of money you earn per unit of time, such as an hour or week
When do you start paying taxes?
single, under the age of 65 and not older or blind, you must file your taxes if: Unearned income was more than $1,050. Earned income was more than $12,000. Gross income was more than the larger of $1,050 or on earned income up to $11,650 plus $350.
SUI-
state unemployment insurance a benefit for those who are eligible that provide a temporary financial assistance when unemployed
