Personal Finance: Employee Benefits, Credit and Taxes

This employer benefit to employees was an unintended consequence of the US government preventing inflation by restricting how much employees could be paid when crucial labor was short. Your teacher thinks that all of the potential ways to provide health benefits that this is profoundly the most stupid. The simple reason is that if an employee REALLY needs this benefit the person will not be able to do the job hired for.

• Employer provided health insurance

• Employer provided Commissions

• FMLA

• IRA

Typically only high end employees in major publicly traded corporations are given this benefit. It allows the employee to purchase part of the company at preferred rates and can often

• Stock Options

• Title Loan

• 403B

• 401K

According to this chart, when determining you credit score, your score will be most affected by

• your payment history

• what types of credit you have had

• how long you have had credit

• the amount of money you owe versus the available credit you have.

If you earn money based on the amount of sales that you make as an insurance agent, this would be a

• Commission

• Cafeteria Style Benifits

• Defined Contribution

• Flexible Spending Account

According to this chart, when determining you credit score, your score will be negatively affected second most if

• your payment history is perfect

• you have had many types of credit even though you paid on time

• you have a very long history of using credit and paying off debt

• you have you have near maximum limits on credit cards, a car loan and a mortgage.

Employers frequently give this benefit. It allows an employee to get paid for days that they can't go to work due to illness, family issues and more. WARNING: Employees sometimes look at these as vacation days and when they really need them to cover expenses for a serious issue, the person already used them! Advice to you, use this benefit with great care!!!

• PTO

• 403B

• Flexible Spending Account

• My wife makes something similar to cranberry sauce and it's very tasty and way better than traditional cranberry sauce. I'd tell you the name and give you the recipe but I don't know either.

Everyone who works pays these taxes on the money earned through working on only amounts below $128,400 in 2018. It will change marginally in other years.

• Property Tax

• Social Security and Medicare

• Federal Income Taxes

• Just my opinion, but being exempt from this tax for working incomes higher than 128K and tax not applied at all to investment incomes of any level seems to unfairly burden the middle and working classes. There are opposing arguments though that are rational. It's a debatable issue.

This is the only tax that has a progressive rates. In other words, the percentage and not just amount paid, increases on the amount paid. Note the higher rates ONLY apply to the amount earned within that tax bracket and NOT to the total percentage. For example, if a person $91,902 dollars, the 33% tax bracket would only apply to a dollar and lower rates would apply to other amounts. Next, and most importantly, these rates are after all deductions which are large. Ask me if you want further clarification.

• Federal Income Taxes

• Property Taxes

• Payroll Taxes

• Sales Taxes

Ali has worked at a fashion magazine for the last 5 years.  Her current annual salary is $64,000.  When she was hired, she was told that she had four days of paid vacation time.  For each year that she worked at the magazine, she would gain another three days of paid vacation time to a maximum of 26 days.  How many paid vacation days does she now get at the end of five years of employment?

• 17 days
• 18 days
• 19 days
• 20 days

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When you receive your paycheck directly into your checking account is called

• payroll card
• paycheck
• direct deposit
• money order