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Taxes & Payroll Quiz

Taxes & Payroll Deductions Quiz

TermDefinition
Taxes Money paid by individuals and businesses to the different levels of government as required by law to fund the different levels of government and pay for the programs and services they provide.
Medicare A federal program that provides routine health care and medical services to retired and disabled workers and their dependents.
Income Taxes Taxes that are paid to the federal, state and local governments based on the amount of income an individual or business earns during the year.
Sales Taxes Taxes that are based on the selling price of goods and services.
Property Taxes Taxes that are based on the current value of taxable property owned by an individual paid to the city or county government in which the individual lives.
Hidden Taxes Taxes that are imposed on a transaction such as using a phone, renting a car and purchasing gasoline rather than a person or business.
Earned Income The money an individual is paid by their employer for the work they do.
Unearned Income The money an individual receives from their investments.
Pay as you earn The current system used to collect income and payroll taxes.
Pay Period The length of time between an employee's paydays.
Tax Deductions Any expense that qualifies to be used to reduce the amount of income an individual is required to pay federal, state, or local income taxes on.
Progressive Tax System A tax system that assesses higher tax rates as the amount of income subject to taxation increases.
Required payroll deductions The deductions an employer makes to an employee's pay each pay period because they are required by law to do so.
Voluntary payroll deductions The deductions an employer makes to an employee's pay each pay period because the employee has requested in writing the deduction be made.
Gross Pay The total amount of money that is paid to an employee by an employer before taxes and other deductions are subtracted.
Taxable Pay The total amount of money that is paid to an employee by an employer that is subject to federal, state and local income taxes.
W-4 Form A form that provides an employer with the information necessary to withhold the appropriate amount of income taxes from an employee's pay.
Allowances The number of dependents claimed on a W-4 Form.
Household Individuals who live together as a family or extended family in a home or apartment.
Social Security Number A unique number assigned to everyone within the Social Security system.
Created by: Atalia