Employability Skills Exam Review

Form I-9

Verifies you are eligible to work in the united states.

W-4

Establishes amount of taxes taken out of your paycheck.

Direct Deposit

Used to tell employers where you want money/paycheck to go.

Deductible

The amount you have to pay before your insurance company will pay any expenses.

Co-Insurance

Amount you pay for covered health care after you meet your deductible.

Co-Pay

A flat fee that you pay on the spot each time you see your doctor.

Bi-Weekly

A pay period where you get paid every two weeks. (26 times in a year)

Semi-Monthly

A pay period where you get paid twice per month. (24 Times in a year)

Monthly

A pay period where you are paid every month. (12 times in a year)

Give seven examples of pretax deductions

Life Insurance, Health Plans, Dental Insurance, 401k/Retirement plans, Transportaion benefits, FSA contributions, Mandatory deductions.

Social Security

Provides financial protection and allows workers to build their plan for retirement.

Medicare

Federal health insurance for people 65 or older.

Federal Income taxes

the tax you pay on your annual income to the federal government.

What percentage are FICA taxes taxed at?

15.3% , FICA=gross pay- health insurance * .0765

What is the difference between a transactor and a revolver?

Transactor is short term operational needs.

Revolver is long-term investments or projects

What does APR stand for? How do you convert to a monthly interest rate?

Annual Percent Rate

Divide APR percent by 12 then multiply that by the amount you owe.