12. you might see the following terms on your pay stub. match each term with its closest description.\ni. a…

12. you might see the following terms on your pay stub. match each term with its closest description.\ni. a voluntary deduction to pay for your health coverage\nii. your total earnings before any deductions are taken out\niii. a voluntary deduction to your retirement account\niv. a mandatory deduction to pay for social security and medicare\nv. your total take - home pay for the year so far\nvi. a mandatory deduction to pay for national government programs\na. fica:\nb. federal income tax:\nc. 401(k) contribution:\nd. gross pay:\ne. health insurance:\nf. ytd net pay:\n13. identify whether each statement is true or false.\na. in january, your employer mails you the tax forms w - 2, w - 4, and i - 9.\nb. your w - 2 form tells you how much you earned as an employee.\nc. form 1099 is the standard federal income tax form completed each year.\nd. january 1 is the last day to submit income tax forms or request an extension.\ne. when starting a new job, you will complete a w - 4 and an i - 9 form.\nf. if your tax situation is changing, you can fill out another w - 4 to update how much tax is withheld from your paycheck.\n14. what is a dependent? include 2 - 3 common criteria to determine if someone can be claimed as a dependent.

12. you might see the following terms on your pay stub. match each term with its closest description.\ni. a voluntary deduction to pay for your health coverage\nii. your total earnings before any deductions are taken out\niii. a voluntary deduction to your retirement account\niv. a mandatory deduction to pay for social security and medicare\nv. your total take - home pay for the year so far\nvi. a mandatory deduction to pay for national government programs\na. fica:\nb. federal income tax:\nc. 401(k) contribution:\nd. gross pay:\ne. health insurance:\nf. ytd net pay:\n13. identify whether each statement is true or false.\na. in january, your employer mails you the tax forms w - 2, w - 4, and i - 9.\nb. your w - 2 form tells you how much you earned as an employee.\nc. form 1099 is the standard federal income tax form completed each year.\nd. january 1 is the last day to submit income tax forms or request an extension.\ne. when starting a new job, you will complete a w - 4 and an i - 9 form.\nf. if your tax situation is changing, you can fill out another w - 4 to update how much tax is withheld from your paycheck.\n14. what is a dependent? include 2 - 3 common criteria to determine if someone can be claimed as a dependent.

Answer

Brief Explanations:

  • FICA is a mandatory deduction for Social Security and Medicare, so it matches IV.
  • Federal income tax is a mandatory deduction for national government programs, so it matches VI.
  • 401(k) contribution is a voluntary deduction to retirement account, so it matches III.
  • Gross pay is total earnings before deductions, so it matches II.
  • Health insurance can be a voluntary deduction for health - coverage, so it matches I.
  • YTD net pay is total take - home pay for the year so far, so it matches V.
  • a. True. Employers mail W - 2, W - 4, and 1 - 9 forms in January.
  • b. True. W - 2 form shows employee earnings.
  • c. False. 1099 is not the standard federal income tax form.
  • d. False. Tax forms due date is not January 1.
  • e. True. New job requires W - 4 and I - 9 completion.
  • f. True. Can update W - 4 for tax situation changes.
  1. A dependent is a person who relies on the taxpayer for financial support. Common criteria: a child under a certain age (e.g., under 19 or under 24 if a full - time student) who lives with the taxpayer for more than half the year, or a relative who meets certain income and support tests.

Answer:

a. IV b. VI c. III d. II e. I f. V 13. a. True b. True c. False d. False e. True f. True 14. A dependent is a person who relies on the taxpayer for financial support. Common criteria include a child under a certain age (e.g., under 19 or under 24 if a full - time student) living with the taxpayer for more than half the year, or a relative meeting certain income and support tests.