Pers. Fin. Ch 12 Taxes Test Review

Front

Gross pay is the amount for which a paycheck is written.

Back

False

Front

Money may be withheld from your paycheck to pay your taxes.

Back

True

Front

Most taxpayers are responsible for filing a tax return by April 15th of each year.

Back

True

Front

Contributions to charity may be tax-deductible.

Back

True

Front

If too much income tax was withheld from your pay during the year, you will get some of it back as a tax return.

Back

True

Front

Tax planning can help you reduce the amount of tax you owe. True or False?

Back

True

Front

It’s a good idea to make sure that more than enough tax is withheld from your paycheck.

Back

False

Front

On a pay stub, the contributions identified as FICA are paid toward Social Security and Medicare.

Back

True

Front

Net pay is the same as overtime pay.

Back

False

Front

Tax Freedom Day, the day before which all money you earn goes toward taxes, is in early March.

Back

False