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personal finance
chapter 10 review
| Investment/portfolio income | income from investments (stocks or bonds) |
| Passive income | earnings not from regular job |
| Earned income | wages, salaries, and tips |
| Net income | earnings after taxes and benefits |
| Gross income | total of income before taxes and reductions |
| Withholdings | income an employer takes out of an employee's income |
| Salary | Fixed regular payment monthly |
| Minimum wage | lowest hourly wage an employer is required to pay an employee |
| Wage | Fixed regular payment daily or weekly |
| IRS | enforces federal tax laws and offers assistance |
| Gift tax | Federal tax transfers money from one to another |
| Sales tax | tax on sales |
| Excise tax | Indirect tax on specific goods and services |
| Consumption tax | tax levied on purchase of goods |
| Fiscal year | a year for taxing purposes |
| Tax return | IRS (official doc) |
| Tax day | annual deadline to pay taxes |
| Audit | Formal examination of organization |
| Paper asset | Investment by physical document |
| Deficit spending | exceed revenue from taxes |
| National debt | Federal government borrows |
| What do taxpayers submit to the IRS each year with the goal of getting as close to zero as possible? | Tax return |
| What form of tax is snacks and items at a gas station an example of? | sales tax |
| What is the 12 month period used for reporting financial activity? | fiscal year |
| If you are left with money from a long-lost relative or friend, what tax might you need to pay? | Inheritance tax |
| What is planning to spend more money than you have coming in called? | deficit spending |
| What is the money you make from investments? | Portfolio income |
| What would the IRS conduct on a person's tax return to check the accuracy of the figures? | Audit |
| Which form is used to calculate how much income tax is withheld from your pay? | Form W-4 |
| What is your total pay before taxes and withholdings are taken out? | Gross income |
| What percentage of their income should a self-employed person set aside for taxes? | 25-30% |
| What federal payroll tax goes toward social security and medicare? | FICA |
| The total amount the U.S. owes to other countries and companies is called what? | National debt |
| April 15th of every year is called what? | Tax day |
| What type of taxes and deductions are factored into the difference between your gross pay and your net pay? | Income tax and social security tax |
| Which form do employers send employees at the end of the year showing how much they earned and how much tax was taken out? | Form W-2 |
| Which tax helps retirement and disability benefits in the U.S.? | Social security tax |
| Which tax pays for healthcare of people over 65? | Medicare tax |
| Money brought home after taxes is called what? | Net pay |
| What is not deducted in most paychecks? | Rent |
| What doc is used to file taxes each year? | form 1040 |
Created by:
kylaleighj