FA Final Review

Front

Our tax money is spent on all of the following EXCEPT: Social Security, The Military, National Parks

Back

Private School Education

Front

The W-4 form lets...

Back

your employer know how much to withhold from your paycheck

Front

What item would you DEFINITELY see on a paystub? Options: Retirement, Healthcare, Gross Pay, Your occupation/role

Back

Gross Pay

Front

Jason filed his 2022 tax return and owes money. This means that: HIs employer did not withhold enough money from his paychecks.

Back

HIs employer did not withhold enough money from his paychecks.

Front

Should Jason, who is 15 and earned $1450 at his job last summer, file a tax return?

Back

Yes, because he may get a refund.

Front

Which of the following is NOT a way you can file your taxes?
- Through a tax professional
- Mailing in a paper tax return to the Federal government
- Using tax software like TurboTax
- Through your employer's HR department

Back

Through your employer's HR department

Front

If a teen files a tax return, can the parent still claim him/her as a dependent?

Back

Yes, as long as the teen meets the dependency requirements

Front

An insurance company sells a seven-year term life insurance policy with a face value of $175,000 to a 44-year old woman. Her annual premium is $720. If the woman dies after paying premiums for six years, what is the insurance company’s gain or loss?

Back

Loss of $170,680

Front

Cookie has a monthly gross income of $3,900 and her expenses are $2,300. What is her debt-to-income ratio to the nearest percent?

Back

59%