Personal Financial Literacy Theme 3
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| gross pay | the total amount of money a worker earns before any deductions are made
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| FICA | Federal Insurance Contributions Act
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| net pay | money that is left after all deductions are taken out of gross pay to spend or save as you wish after you pay your taxes
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| net worth | how wealth is measured
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| disposable income | another name for net pay
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| budget | an itemized summary of income and expenses for a given period
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| federal income tax | this tax helps pay for services provided by the Federal Government, such as defense, human services, and the monitoring and regulation of trade
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| state income tax | this tax helps pay for services provided by state government, such as roads, safety, and health
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| local income tax | this tax helps pay for services provided by the city or other local government, such as schools, police, and fire protection
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| pay stub | this lists your taxable earnings and your net pay
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| W-2 | this form shows the amount of taxes withheld from your paycheck for the year and is used to file your federal and state taxes
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| fixed expense | constant expenses; some examples include car and house payments
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| variable expense | changing expenses; some examples include entertainment and groceries
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| 1040 EZ | U.S. Income Tax Return for Single and Joint Filers with No Dependents; An IRS tax form that some individuals can use to file a federal income tax return
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| Who contributes to the federal Income Tax deduction? | employee
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| 401K | This is considered a retirement savings plan
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| marginal tax bracket | the range of taxable income that is taxable at a certain rate
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| progressive tax | a tax that takes a larger percentage from the income of high-income earners than it does from low-income individuals
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| social security tax | this FICA tax provides for old age, survivors, and disability
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| medicare tax | this FICA tax provides for hospital insurance for the elderly
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| W-4 | every time an employee begins a new job this form is completed so the employer knows how many allowances the employee is claiming
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
clearviewregional
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