Exam 2 personal finance

Entitles employees to have up to 12 weeks of job-protected, unpaid leave during any 12 month period for health and family related reasons.

Promises a specific monthly benefit as an exact dollar amount at retirement.

Employee and/or employer contribute money to an individual retirement account. The employee is responsible for choosing how these contributions are invested and how much to contribute form their paycheck through pretax deductions.

Money earned from employment or self-employment

Money earned from means other than employment or self-employment, such as interest income, dividend income, capital gains on investment, rental income, etc.

Is the amount of money people earn in a pay period before any deductions or takes are taken out

Is the take-home pay; it is the amount of money received after taxes and deductions have been taken out of gross pay.

A person that is financially supported by another person, usually a parent or guardian. A person must pay for over 50% of another persons living expenses, in order for that person to be claimed as a dependent.

How much is being taken out of your paycheck in taxes

A federal program that provides benefits for retirees, the disabled, and the children of deceased workers. U.S. employees must pay a SoCal security tax to fund this program.

A federal program of health insurance for persons 65 years of age and older and people under 65 with vertical disabilities. U.S. employees must pay a Medicare tax to fund this program.

This form is used to prove that a person is eligible to work in the U.S. individuals must provide forms of identification along with this form. Such as a state ID, passport, or social security card.

The form you fill out before you start a job that will determine how much money is withheld from your paycheck for federal and state income taxes.

Hourly wage

Car salesperson

Resultant staff, such as a waitress, hosts, and bussers

Paid once a week (52 per year)

Paid every 2 weeks (26 pay periods per year)

Paid once a month (12 pay periods per year)

Paid twice a month (24 pay periods a year)

Social security: 6.2%

Savings plans

Earned income

Health

When you make over the standard deduction, which is $12,400 for a person filing single.

$12,400

$24,800

Refund

$400

$12,400

Turbo tax

You can avoid the costs of having to pay a professional, though you may have to pay for the software and/or e-filing online

Credit of debit card

Employee

Employer

January 31st

April 15th

401(k)

Less

1040 form