| Paychecks | Insurance | Income Tax | Word Problems |
|---|---|---|---|
|
Gross Pay - Deductions = Net Pay
What is the formula for net pay?
|
Health Insurance
What is the best way to protect your family from high medical bills?
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Proportional Taxes
What is a tax that stays the same as income increases?
|
$720
Aaron makes $9/hour and worked 80 hours during the two week pay period. What is his gross income?
|
|
Hours Worked x Rate
How do you calculate gross pay for an hourly employee?
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Beneficiary
What is a person who receives compensation in the event of a loss?
|
Internal Revenue Service
What does IRS stand for?
|
$24 paychecks
Mr. Reeves is paid twice a month. How many paychecks does he receive this year?
|
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Hourly and Salaried
What are the two types of employees?
|
Amount you have to pay for medical expenses before insurance starts paying?
What is a deductible?
|
Audit
What is an examination of tax returns?
|
$2,115.38
Mr. Reeves makes $110,000 yearly and is paid every two weeks. What is his gross income per check?
|
|
Federal, State, Social Security, Medicare
What are the 4 required deductions from a paycheck?
|
Dependents or people who rely on income
What/who does life insurance protect?
|
W-2
What form is a summary of your income and taxes withheld from your paycheck in the last year?
|
$400
Johnny has a deductible of $3000, and has paid $2600 in medical bills so far this year. Johnny has a medical expense today that costs $2000. How much does Johnny pay?
|
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W-4
What form tells your employer how much percentage of tax to be withheld from your gross pay?
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Disability Insurance
What insures a worker in case of injury/illness?
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Gross Income - Adjustments = Adjusted Income - Deductions = Taxable Income
What is taxable income formula?
|
$42.200 (don't forget O.T.)
Richard makes $20/hour and works 2,100 hours throughout the year. What is his gross income for the year?*
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