Freshman Seminar

Gross Pay

Total salary or wages earned during the pay period

14

According to the PA Child Labor Laws the minimum age for employment is

W-4

Form to fill out so employers know how much federal income tax to withhold

Gratuity

A gift or reward, usually of money, for services rendered

Salary

A fixed amount of money or compensation paid to an employee by and employer in return for work performed

Disposable Income

Money available to spend or save after taxes have been paid

Paystub

A piece of paper that you get from your employer when you are paid, showing how much money you have earned and how much tax has been taken away

Net Pay

The amount of your paycheck after deductions

Earned Income

Money received for doing yard work or babysitting is

Unearned Income

Money received for your birthday or Christmas is

Working Papers

If you are under 18 years of age you need to complete this in order to legally work in PA

W-2

A form used to report taxable income a worker received during the calendar year

Interest

Money earned on savings account, etc

Exemption

A person claimed as a dependent on a tax return; property that a debtor in bankruptcy does not have to forfeit to pay off creditors

Overtime Pay

Pay received for hours worked in addition to regular hours

Annual Salary

Fixed amount paid out to an employee over the course of a year is considered

Commission

A set fee or percentage of a sale paid to an employee instead of or in addition to salary or wages

Workers Compensation

An insurance plan that pays medical and disability benefits to workers injured on the job

30 minutes

All minors are required to take at least this long for a break

1040 EZ

A form used to report taxable income a worker received during the calendar year, you would refer to your We wage statement provided by your employer

I-9

Employment eligibility verification is the form that is required by the department of homeland security

12x a year

Monthly means you get payed

Tips, wages, self employment

What are examples of earned income?

Social Security

What provides a small income for people over the age of 65, disabled Americans, or orphaned minors

Net Pay

What means your pay AFTER taxes and deductions

52x a year

Weekly means I get paid?

Federal Income Tax

What pays for things such as interest on national debt and infrastructure ( roads etc-)

Gross Pay

What type of pay means before taxes and deductions?

Military and Defense

What is considered discretionary spending by the government?

Social Security

What is considered mandatory spending by the government?

Dependent

When a parent or guardian claims you under their taxes, as they are responsible for financial support

State Income Tax

Collected by states government to support state programs.

State Income Tax number?

3.07%

Social Security Tax

Provides small income and services to the elderly, disabled and orphaned minors.

Social Security Tax number?

6.2%

Medicare Tax

Medical insurance for elderly and disable Americans. Everyone at 65.

Medicare number?

1.45%

Occupational Priveledge TAx

Paying the 10$ right to work

Mandatory Spending

Things the government is required to spend money on as well as how much has to be spent (Medicare and Social Security)

Discretionary Spending

Money the government can manipulate (Military Infastrucutre)