Income and Employment

Which of the following is a possible tax or deduction that they may show up on your paycheck

- Federal income tax - Contributions to retirement savings - FICA

Which of the following statements is true about taxes?

- Taxes pay for schools and government departments. - Taxes pay for roads and emergency services. - Taxes are often used at the federal, state, and local levels.

What do you need in order to fill out your 1040?

- Your W-2 - Your routing and bank account number - A record of any other supplemental income

For most careers, which degree will most likely result in the highest lifetime earnings?

Bachelor's Degree

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

FALSE

When considering a job offer, you should only consider how much you're being paid before you accept the offer.

FALSE

All of the following may be a part of your benefits package available from your employer, except:

FICA

The gig economy offers ________.

Flexible, short-term, and independent jobs.

Which of the following is NOT considered part of your benefits package available from your employer?

Free technology equipment

The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called

Net pay

Which of the following is NOT a possible tax or deduction that could come out of your paycheck?

Overtime pay

Which of the following is NOT a possible tax or deduction that could show up on your paycheck?

Sales tax

What do taxes pay for?

Schools, government departments, roads, and emergency services

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

TRUE

Your employer sends you a _______ form that tells you how much you've made and how much you've paid in taxes in the last year.

W-2

What do you NOT need in order to fill out your 1040?

Your employer benefits documentation

Net pay is NOT ________.

Your gross pay plus any bonuses.

The ___________ is a flexible market that allows you to work short-term, independent jobs.

gig economy

The W-2 form is a form that tells you _______.

how much taxes you've paid in the last year based on how much you've earned.

When you start a new job, you fill out a W-4 form to _________.

to determine how much federal income tax your employer should withhold from your paychecks.