Functions of Money Flashcard

Front

A large part of the United States economy that is based on the law of supply and demand is called a _______________ economy.

Back

Market

Front

Our tax money is spent on all of the following, except: The Military, National Parks, Private School Education, Social Security

Back

Private School Education

Front

The W-4 form lets...

Back

your employer know how much to withhold from your paycheck

Front

FICA taxes are...

Back

U.S. federal payroll taxes imposed on both employees and employers to fund Social Security and Medicare

Front

Also known as take-home pay, this is the amount left after all payroll deductions have been taken from gross income.

Back

net pay

Front

Which is bigger, gross pay or net pay?

Back

gross pay

Front

Overtime is calculated at 1.5 times an employee's regular rate of pay.

Back

True

Front

The Wage and Tax Statement, which shows a person’s earnings and the amounts of income tax withheld during the year, is also known as Form _____

Back

W-2

Front

When you have a checking account, withdrawal means:

Back

Money coming out of the account

Front

When you have a checking account, deposit means:

Back

Money going into the account