Taxes Test Study Guide

The amount of your income or paycheck after any deductions – like taxes or insurance payments that are subtracted. This is your take-home pay.

• Net Pay

• Gross Pay

• Income Tax

• Social Security Tax

The entire amount of your income or paycheck before any deductions

• Net Pay

• Gross pay

• Income Tax

• Social Security Tax

money that wage earners pay the government to run the country. The amount of the tax depends upon how much you earn

• Net Pay

• Gross pay

• Income Tax

• Social Security Tax

a tax used to fund a program of the US government that gives money to elderly people. The elderly receive funds because the federal government has deducted money from each of their paychecks during the course of their working lives.

• Net Pay

• Gross pay

• Income Tax

• Social Security Tax

a bank account that pays you interest for keeping your savings in it. Banks use your money to make loans, so they pay you interest for the use of your money

• Savings Account

• Bank Account

• Debit Account

• Expense Account

The largest three categories on which the federal government spends money.

• Health Care

• Military/defense

• Interest on the national Debt

• Scientific research

I determine how much money is withheld from your paycheck for income taxes. Who am I?

• W-2 form

• I-9 form

• W-4 form

• 1040 form

Linzy has a part-time job that pay $10/hour. She works about 40 hours a month all year. Her withholdings are Social Security (6.2%), Medicare (1.45%) and federal income tax (8%). What is her approximate net pay per month?

• $450

• $655

• $350

• $62.60

Money that is owed.

• loan

• debt

• mortagge

• collateral

You receive me when you start a job. You use me to prove that you are eligible to work in the US, and you must provide forms of identification when submitting me. Who am I?

• 1040 form

• I-9 form

• W-4 form

• W-2 form