Unit 4: Understanding Pay & Taxes Flashcard

Front

Gross pay is the total amount earned BEFORE any deductions are subtracted. True or False?

Back

True

Front

By law, a person who works over 40 hours in one week must be paid at least time and a half.

Back

True

Front

Optional deductions are up to the employer to decide.

Back

False

Front

A person cannot claim him or herself as an exemption if he or she is claimed as a dependent on another's tax return.

Back

True

Front

Do self-employed individuals have employee deductions and withholdings?

Back

No, they make estimated, quarterly tax payments.

Front

Another name of gross pay is "take home pay".

Back

False

Front

A dependent is a person who lives with you and receives more than half of his or her living expenses from you.

Back

True

Front

Two factors that determine the amount of taxes withheld include marital status and allowances claimed.

Back

True

Front

The more allowances you claim, the less taxes are withheld.

Back

True

Front

Taxpayers should not use the itemized deductions unless their deductions exceed the standard deduction.

Back

True