Taxes and my salary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Tax | A required payment to the government.
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| FICA | Federal Insurance Contributions Act.
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| Medicare | A social insurance program that extends health coverage to almost all Americans aged 65 and over.
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| Social Security | A federal retirement program in which the working generation contributes to support retired workers, survivors, and the disabled.
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| Net monthly income (NMI) | The amount of pay left after all deductions; taxes, FICA, and medicare are taken out.
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| Gross monthly income (GMI) | the amount of pay per month prior to any deductions being taken out.
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| Gross Annual Income (GAI) | The total amount of pay for a year prior to any deductions.
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| Social Security Number | A number assigned to individuals to keep track of you and your earnings throughout a lifetime.
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| What are the three main types of taxes? | Income tax, sales tax, and property tax.
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| The purpose of taxes are | improve roads, support government, and pay retirement benefits.
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| Net annual income (NAI) | Amount of income remaining to spend in a year after all deductions have been made.
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Created by:
Simryla
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