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Chap 2 Study Guide

Money Matters Study Guide: Chapter 2

QuestionAnswer
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With a 401(k) plan, employees can avoid paying income tax on money placed in the account until it is withdrawn.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