P.F. Chapter 10

Front

Which form is used to calculate how much income tax is withheld from your pay?

Back

Form W-4

Front

                     is your total pay before taxes and withholdings are taken out.

Back

Gross Income

Front

What percentage of their income should a self-employed person set aside for taxes?

Back

20-25%.

Front

What federal payroll tax goes toward Social Security and Medicare?

Back

FICA

Front

The total amount the U.S. owes to other countries and companies is called what?

Back

National Debt

Front

April 15 of every year - the usual deadline to file your taxes - is also called what?

Back

Tax Day

Front

Withholdings and deductions are . . .

Back

Expenses that are taken out of your paycheck

Front

The tax on the purchase of goods or services is called                         .

Back

Consumption tax

Front

The money you earn hourly for your time and effort at work is called your                             .

Back

Wages

Front

What does the Form W-4 estimate?

Back

How much tax you'll owe based on your personal situation.