Taxes Unit Review Flashcards

Front

Who primarily uses our tax money?

Back

Federal and state government

Front

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

Back

Private School Education

Front

Which of the following is NOT a category in the Federal government's spending? Mandatory spending, Discretionary spending, Interest on loans issued, Interest on national debt

Back

Interest on loans issued

Front

Which tax is applied to wages, salaries, dividends, and interest earned?

Back

Income Tax

Front

What does the W-4 form let your employer know?

Back

How much to withhold from your paycheck

Front

Is Jess a dependent if she is 21, in college, and has a job that provides 65% of her support?

Back

No

Front

What item would you DEFINITELY see on a paystub?

Back

Gross Pay

Front

By claiming "exempt" on the W-4 form...

Back

You will NOT have income taxes withheld from your paycheck.

Front

When should Jason pay his owed tax amount to avoid a fee?

Back

April 15th

Front

True or False: All wages, tips, and bonuses are taxable unless specifically excluded.

Back

True