College HELP Cheat Sheet - Benefits and Taxes

The following will be covered on the College HELP - Benefits and Taxes Quiz:

Compensation
Here are some sample questions:

- If you are an “exempt” employee, what are you exempt from?
- Typically, when employees work overtime, they earn what amount of their regular rate of pay?
- What professions are traditionally associated with commissions?

You should also know these terms:
Non-exempt Employees- What does this mean?
Signing Bonus- What is it?
Severance Pay- What is this?
401k- What is this?

Insurance
Here are some sample questions:

- A type of life insurance that pays your beneficiary if you die during a specific period of time is called _________.
- Under the Affordable Care Act, private health insurance that offers dependent coverage must allow parents to cover their children until age __________.
- The __________ refers to the amount of money that you need to pay before insurance policy begins to cover your expenses.
- Part of the insurance process, the __________ is a fixed amount that you are required to pay at the time of service that is not covered by your insurance policy.

You should also know these terms:
COBRA- What does this stand for? What does it protect?
Managed Healthcare Options- What kinds are there? HMO? PPO? POS?
Beneficiary- What is a beneficiary?
Medicare- What is this?
Social Security- What is this?
Medicaid- What is this?

Leave
Here are some sample questions:

- How many days of paid maternity leave are American women entitled to?
- You just started a new job where you earn 15 vacation days per year and you automatically receive a carry-over of up to one week of unused vacation.
- You take 8 vacation days during your first year. How many vacation days will you have during your second year?
- This type of leave provides time off to employees for the death of an immediate relative.

You should also know these terms:
Family Medical Leave Act-What is this? Whom does it protect? What circumstances?
Retirement Plan- What is this? Must every employer provide one?
Paid Time Off- What is this?

Tax and Tax Forms
Here are some sample questions:

- Taxpayers whose annual gross income is __________ or under are eligible to file using free software made available by the IRS.
- What is the deadline to file for an extension?
- Generally speaking, tax returns are due by __________ unless it falls on a weekend.
- Generally speaking, tax returns that have been approved for extension are due by __________.

You should also know these terms:
1040- Who would file taxes using this form?
4868- What is this form for?
W-9- What is this form for?
W-2- What information does this form provide?
FICA- What is this?

These websites will be helpful for study information:
http://www.irs.gov/Forms-&-Pubs
http://www.socialsecurity.gov/pubs/10043.html#a0=1
http://www.cobrainsurance.com/COBRA_Law.htm
http://personalinsure.about.com/od/health/a/aa032805a.htm