Types of Income and Taxes

Front

Money that a person has available to spend or save after taxes are paid is known as

Back

disposable income

Front

Which of the following is a form of unearned income? wages, salary, interest, tips

Back

interest

Front

Which of the following is an example of an in-cash transfer payment? Options: unemployment, Medicaid, housing subsidy, voucher

Back

unemployment

Front

Income taxes are an example of which kind of tax?

Back

progressive

Front

Gross pay is...

Back

your total salary or wages earned during a pay period

Front

Which form is used to verify eligibility to work in the United States? Options: W-2, I-9, W-4, 1099

Back

I-9

Front

To file a Form 1040EZ, a taxpayer must have: less than $75,000 in taxable income, no more than $2,500 in interest income, no itemized deductions, at least one dependent.

Back

no itemized deductions

Front

By law, overtime is generally 1½ times the regular rate of pay.

Back

True

Front

Tips are not subject to federal or state income taxes.

Back

False

Front

Federal and state income taxes are withheld according to the amount of income and the number of exemptions claimed on Form W-4.

Back

True