Everfi Employment and Taxes Quizlet Cards

Associate's Degree

2 year college degree from a community college, university, college, or technical school. The recipient of an Associate's Degree can then transfer the credits toward a 4 year Bachelor's Degree.

Net Pay

Amount of income left after taxes and deductions have been taken out.

There is no relationship between the level of education received and lifetime earnings.

False

Possible tax deductions

Federal, State, FICA, Social Security

The gig economy offers.....

Flexible, short-term, and independent jobs.

W-4 Form

Purpose is to inform employer of how much federal income tax to withhold from your paycheck.

W-2 Form

Tells you how much you've made and hwo much you've paid in taxes in the last year.

How does the government pay for roads, schools, and emergency services?

They are funded through taxes.

Generally, the more education you receive, the higher your lifetime earnings will be.

True

To fill out the 1040 form, you will need....

Your W-2, your record of any supplemental income, and your routing and bank account numbers

Bachelor's Degree

a four year degree

Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of _____.

benefits

A benetfits package will most likely include:

health care insurance, disability insurance, paid time off, matching contributions to a retirement account

Examples of taxes that are not deductions:

sales tax, property tax

Taxes help to pay for:

schools, government departments, roads, parks, and emergency services

Gross Pay

the total amount of an employee's earnings before deductions are taken out