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