what are the four - time frames in which you can get paid? 1. 2. 3. 4. what forms do you complete when you…

what are the four - time frames in which you can get paid? 1. 2. 3. 4. what forms do you complete when you are hired and what are they for? what form do you get in january to use for taxes? what are taxes used for? what is a dependent? what makes up fica? how do deductions affect taxes? study your vocabulary as well as your notes. though this will help guide you anything can be asked from your notes, vocabulary and review.

what are the four - time frames in which you can get paid? 1. 2. 3. 4. what forms do you complete when you are hired and what are they for? what form do you get in january to use for taxes? what are taxes used for? what is a dependent? what makes up fica? how do deductions affect taxes? study your vocabulary as well as your notes. though this will help guide you anything can be asked from your notes, vocabulary and review.

Answer

Brief Explanations:

  1. Four - time frames for getting paid: Common time frames include weekly, bi - weekly (every two weeks), semi - monthly (twice a month), and monthly. These are standard payroll cycles in many workplaces.
  2. Forms when hired: The W - 4 form is used to indicate your tax withholding allowances to your employer. The I - 9 form is for verifying your identity and employment eligibility in the United States.
  3. January tax form: In the United States, the W - 2 form is typically received in January. It shows your total earnings and the amount of taxes withheld by your employer over the previous year.
  4. Use of taxes: Taxes are used for various public services such as funding education, building and maintaining infrastructure (roads, bridges), providing healthcare services (Medicaid in the US), and supporting national defense.
  5. Dependent: A dependent is a person who relies on another individual (usually a taxpayer) for financial support. This can include children, elderly parents, or other relatives who meet certain IRS criteria.
  6. Components of FICA: FICA (Federal Insurance Contributions Act) is made up of Social Security tax and Medicare tax. Social Security provides retirement, disability, and survivor benefits, while Medicare provides health - care coverage for the elderly and some disabled individuals.
  7. Effect of deductions on taxes: Deductions reduce your taxable income. The lower your taxable income, the less tax you owe. For example, if you have a $10,000 deduction and your income is $50,000, your taxable income becomes $40,000.

Answer:

  1. Weekly, Bi - weekly, Semi - monthly, Monthly
  2. W - 4 (for tax withholding allowances), I - 9 (for identity and employment eligibility verification)
  3. W - 2
  4. Funding public services like education, infrastructure, healthcare, and national defense
  5. A person who relies on another for financial support
  6. Social Security tax and Medicare tax
  7. Deductions reduce taxable income, thus reducing the amount of tax owed