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Chap 2 Study Guide
Money Matters Study Guide: Chapter 2
| Question | Answer |
|---|---|
| Some examples of a perk are | use of a fitness center, employee discounts on company products, and flexible working hours |
| A property tax is based on the property’s | assessed value |
| Some characteristics of public goods are | Everyone benefits from them, No one can be excluded from them, and People do not benefit in direct proportion to taxes paid. |
| Some examples of unearned income are | interest, dividends, and government transfer payments |
| In regards to Social Security Tax | Employers and employees each pay half of the Social Security tax |
| An example of a progressive tax is | federal income tax |
| The form used to report taxable income a worker received during the calendar year is | Form W-2 |
| Some examples of pay without work are | vacation, sick leave and personal leave |
| ____________ is not an optional deduction from your pay | Medicare tax |
| Some examples of earned income are | wages, commissions, and net earnings from self-employment |
| Per Diem Means | Paid on a daily basis; paid a set amount per day Example: # Days X Per Diem Rate=Gross Pay |
| Per Piece | Paid for each item produced; Paid per # of items completed Example: rate X pieces produced= Gross Pay |
| Adjustable Gross Income (AGI) | Gross income minus adjustments to income. Example: Wages, salary, tips + Taxable Interest |
| Overtime (Time and a half) (1.5) | Amount you make per hour plus half of the hourly wage; standard is any hours over 40 in one week is considered overtime. |
| Paid Bi- Monthly means | Paid twice a month (usually 1st and 15th) |
| Sales Tax | a tax levied as a percentage of the purchase price of goods and services sold to consumers Example: (Total Cost of Goods X Sales rate%) + Total Cost of Goods |
| net pay | the amount of your paycheck after deductions |
| When filing taxes, you may claim an exemption for each of your dependents but not for yourself. | False |
| Employee benefits do not increase disposable income. | False |
| Receiving payments from the Social Security fund after retirement is an indirect benefit from paying taxes. | False |
| Sales taxes are a form of indirect tax. | True |
| Employers with more than 50 employees are required by law to offer health insurance to employees. | True |
| With a 401(k) plan, employees can avoid paying income tax on money placed in the account until it is withdrawn. | True |
| With e-filing, refunds may be received much more quickly than when a paper tax return is filed. | True |
| Salaried workers usually do not keep time cards or count hours worked and do not receive overtime pay. | True |
| Tips received by a person for performing a service are not subject to federal income taxes. | False |
| Gambling winnings are a form of earned income and therefore are subject to income tax. | False |
Created by:
mrstephens
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