Taxes and Calculating Pay
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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| Federal income tax | A pay deduction required by law that supports the federal government
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| Deductions | Taxes and other money withheld from an employee’s gross pay.
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| 403B or 401K | Money employees set aside or invest for retirement.
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| Social Security tax | A federal tax that supports elderly, disabled, or orphaned citizens.
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| State income tax | A pay deduction required by law that supports the state government.
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| Deductions | taxes, money taken out your paycheck
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| W-2 | Shows how much you earned and how much tax you paid for the entire year.
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| W-4 | Fill out this form so your employer knows how much tax to take out of your paycheck.
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| Gross Pay | your pay BEFORE taxes and other deductions.
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| Net Pay | Take Home Pay. The amount of your check AFTER taxes and other deductions.
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| Medicare | Social health insurance program
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| Progressive Tax | The more you make the more taxes you pay.
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| Regressive Tax | Everyone regardless of income pays the same amount. Example: Sales Tax
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| Benefits Received | This principle says: If you use the service, you pay the tax. Examples: Bridge and Road Tolls
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| Ability to Pay | This principle says: The amount of tax you pay should be based on how much you earn.
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Created by:
sanmuth
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