Employment, Insurance, & Taxes

Front

What is gross pay?

Back

The amount of money you're paid before all taxes and deductions are taken out of your paycheck.

Front

What is a deductible in insurance?

Back

The out of pocket cost to the insured when a loss occurs.

Front

Which tax form provides information about your previous year's pay and deductions?

Back

W2

Front

What is a premium in insurance?

Back

The total amount of money that you pay for an insurance policy.

Front

Who is responsible for providing the W2 form?

Back

Your Employer.

Front

What is net pay?

Back

The amount of money you receive after all taxes and deductions are taken out of your paycheck.

Front

What is the purpose of a W4 form?

Back

To inform your employer about how much tax to withhold from your paycheck.

Front

What is a co-pay in insurance?

Back

A fixed amount you pay for a covered health care service, usually when you receive the service.

Front

What is the difference between gross pay and net pay?

Back

Gross pay is the total earnings before deductions; net pay is what you take home after deductions.

Front

What is the role of the IRS?

Back

The Internal Revenue Service (IRS) is responsible for tax collection and tax law enforcement.