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Personal Finance
| Question | Answer |
|---|---|
| The responsible party who ensures tax forms are completed and taxes are paid. | Employee/yourself |
| What day do you legally have to have your taxes filed? | April 15th |
| ____________is a type of tax that is added to the price of goods or services at the time of purchase | sales tax |
| You get this with your paycheck to show how much money you made and all deductions taken out of your check. | pay stub |
| Who receives the largest part of its revenue from income taxes? | Federal Government |
| Which two tax forms will list your income and assist you in completing your taxes for the year? | W-2 and the 1099 |
| ______________________- expenses you can legally subtract from your income before calculating your taxes | deductions |
| _________________ is a tax placed on income earned by individuals. The amount paid is based on a person's total earnings. | income tax |
| What is gross income? | the amount of income you earn BEFORE TAXES are taken out |
| Explain the difference between soft skills and hard skills. | Soft skills are more universal (people skills) while hard skills are used only in specific situations (data programming). |
| I am completed every April. Anyone can use me. I help you find out if you get a refund or not but beware, there is a LOT to fill out. | 1040 form |
| Explain Progressive tax. | the more someone makes, the greater percentage will be taken in taxes |
| ________________ is the law that requires workers and their employers to contribute to Social Security & Medicare. | FICA |
| What is net pay? | the amount of income you receive AFTER TAXES are taken out |
| Describe the difference in a wage and a salary? | Wage is hourly and a salary is yearly and not usually overtime eligible. |
| I am received in January. There is one of me for every job I work. You can tell how much you earned and how much you paid in taxes by reading me. | W-2 form |
| What are the three ways to file your taxes? | paper filing, tax prep software, and professional tax preparers |
| Tax on land, buildings (including homes), and motor vehicles (automobiles, boats, etc.) is called __________ | property tax |
| Your employer collects payroll taxes by deducting or _________________ your money from your wages. Income withheld from your paycheck goes to prepay your federal income tax and social insurance tax. | withholding |
| Deadline for employers to mail W-2s to their employees (either by paper or electronically). | January 31st |
| What form do employees fill out to tell employers how much tax to take out of your check? | W-4 form |
| A program that provides monthly benefits to almost 60 million Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals. | Social Security |
| Taxes charged on consumption items that can vary depending on the state/city/county but may include gas, hotel rooms, and other items. | excise tax |
| What is one reason the gov't collects taxes out of each paycheck as opposed to sending a bill at the end of the year? | people are more likely to pay their taxes & it spreads out payments to make it more manageable. |
| This is the federally funded insurance for people of retirement age. | medicare |
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