If a person is paid bi-weekly, how many paychecks do they get a year?
26
If a person is paid bi-monthly or semi-monthly, how many paychecks do they get a year?
24
Deductions on a paycheck should be multiplied by what in order to get an annual figure?
the amount of paychecks received per year
What is an item that is often double counted in a financial affidavit?
property taxes and insurance. ask the client if their taxes and insurance are a part of their monthly mortgage payment
The maximum amount of income subject to SS taxation is:
$168,600
What is the SS tax rate?
6.2%
What is the current Medicare tax rate?
1.45%
How much of income is taxable for Medicare?
there is no limit on income
When considering 401(k) contributions as a deduction, what should you do?
401(k) contributions are voluntary. they should not be deducted as a reduction of income
