Personal Finance - Taxes

Front

What are the two components of Payroll Taxes?

Back

Social Security and Medicare

Front

Payroll Taxes can include all of the following except: state income tax, Sales tax, Federal income tax, FICA

Back

Sales tax

Front

Gross Income includes all of the following except: tips, child support payments received, wages, game show winnings.

Back

child support payments received

Front

When you are ready to file for taxes you must have form? Options: W-2, W-6, WD40, W-2484

Back

W-2

Front

Which is bigger, gross pay or net pay?

Back

gross pay

Front

Which form determines how much money is withheld from your paycheck for federal and state income taxes?

Back

W-4

Front

How many months of expenses should be set aside for an emergency fund?

Back

3-6 months

Front

Standard deduction

Back

A fixed amount all people are allowed to deduct from their AGI to reduce their tax liability.

Front

The purpose of deductions and exemptions is to reduce:

• Your Adjusted Gross Income (AGI)
• Your Net Income
• Your Capital Gains
• Your Take Home Pay

Back

Your Adjusted Gross Income (AGI)

Front

A Tax Return is

Back

A formal report to the IRS that contains all the information relative to a person's income taxes for a specific year.