Consumer Ed Unit 4

Set amount of money paid. Does not depend on amount of hours worked.

• hourly rate

• salary

• benefits

Filled out when you start a new job. Determines how much money will be withheld for taxes.

• W2

• W4

• 1040

Earn a specific rate for the amount of hours worked

• hourly rate

• salary

• benefits

Overtime pay must be equal to

• one and a half times pay over 40 hours worked

• one and a half times pay over 20 hours worked

• double time over 40 hours worked

You do NOT fill out this form. Employer compiles the info from previous year and sends to you.

• W2

• W4

• 1040

contributions paid toward both Social Security and Medicare

• Federal taxes

• State Taxes

• Withholdings

• FICA

designed to replace income lost due to death

• life insurance

• homeowner's insurance

• auto insurance

• health insurance

Yearly form that you fill out and send in by April 15th to determine how much you owe in taxes

• W2

• W4

• 1040

this is your actual take home pay

• gross pay

• net pay

• witholdings

• taxes

Which of the following is not a way to save on the cost of insurance?

• raise the deductible

• do not buy insurance

• shop around for rates

• take advantages of discounts