| A | B |
|---|
| Form W-4 | form completed by the employee that tells the employer how much money to withhold for taxes |
| allowance | an exemption that reduces how much income tax an employer deducts from an employee's paycheck |
| exemption from withholding | no federal income tax is withheld from your wages |
| Exemption from Withholding doesn't apply to | Social Security or Medicare tax |
| When you begin a new job you must fill out a | Form W-4 |
| All workers need a | social security number |
| A social security number | is a permanent ID work number, has 9 digits and should be protected |
| work permit | may be required before you can work if under age 16 |
| Form W-2 | a summary of the income you earned during the year and the amount the employer withheld for taxes |
| The Form W-2 comes from | your employer and you must receive it by Jan. 31 of the following year |
| Fair Labor Standards Act | Also known as Wage and Hour--establishes minimum wage and required overtime beyond 40 hours |
| Workers Compensation | pays benefits to workers as a result their job |
| Family and Medical Leave Act | Employees are allowed to take up to 12 weeks of unpaid leave for family and medical reasons |
| What are some employer responsibilties to employees? | provide adequate supervision, provide safe working conditions, follow employment laws |
| What are some employee responsibilities to their employers? | punctuality, loyalty and respect, initiative, dependability, honesty |
| FICA | Federal Insurance Contributions Act--provides a system of Social Security benefits that's finance through taxes on employees and employers |
| OASDI | Another name for Social Security--Old Age, Survivors and Disability Insurance) program |
| The percentage of your wages that goes toward the social security tax | 6.2% |
| Medicare | Healthcare insurance program for retired or disabled people |
| You need your social security number to | apply for college, open a credit care, apply for a student loan or start a new job |
| The higher your earnings | the higher your social security benefit |
| If you change your name | you should change your social security card to reflect the name change |
| A good habit to get into is to check your social security account | once a year |
| In order to receive social security payments | you need 10 years of covered work (40 credits) except in special circumstances |
| To receive full social security benefits you need to be | 67 years old |
| You can receive social security benefits at a reduced rate at | 62 years old |
| Social security survivors benefits | money paid to worker's families when their loved one dies. Children can receive benefits until age 18 or until they graduate from high school |
| Major changes impacting social security are | people are living longer, people are having fewer children |
| Today's workers will most likely live | 20 years in retirement |
| Social security is only meant | meant to be a part of your income |
| Most retirees will need at least | 70% of your pre-retirmenet earnings |
| The Social Security Administration keeps a record of your earning through | the use of your social security number |
| The Civil Rights Act | prohibts discrimination based on race, gender, national origin and sexual orientation |
| If you lose your social security card | you can get a replacement one online or at the social security office--usually there is no charge |
| Employers are | required to match the amount of social security that they withhold from their employee's pay |
| Workers compensation | applies to all workers |
| The percentage of your wages that goes towards Medicare is | 1.45% |
| Social Security Act | Law passed in 1935 that established national insurance for elderly and disabled workers established old age, retirement, disability and survivor income |
| Age Discrimination Act | Forbids discrimination against those 40 years of age or older |
| Americans with Disabilities Act (ADA) | Forbids employment discrimination against those with any type of disability |
