Business Careers : Taxes and Income Review

A summary of a person's education, skills, and work experience is called a/an:

• essay
• resume'
• journal
• list

A Federal government program provides retirement, survivor and disability benefits funded by income tax

• Medicare

• Gross Income

• Exemptions

• Social Security

Which one is not a type of benefit a job may offer?

• Insurance Benefit

• Saving Benefits

• Assisted Living Benefits

• Retirement Benefits

What two taxes are included within the Federal Insurance Contribution Act (FICA)

• exemptions and deductions

• medicare and net income

• social security and medicare

• net income and gross income

Tax placed on most items you purchase

• Sales tax

• Income tax

• Property tax

• Excise tax

The remaining amount of an employee's paycheck after deductions and taxes are taken out

• Net pay

• Gross Pay

The federal agency that collects taxes and enforces tax laws

• Federal Tax Bureau (FTB)

• Internal Revenue Service (IRS)

• Securities and Exchanges Commission (SEC)

• Department of Workforce Development (DWD)

Tax form that shows your total amount of earned income and taxes withheld for the year.

• W-2

• W-4

• 1099-INT

• 1040ez

Tax form you need to complete before your first paycheck to determine how much to withhold from your paycheck.

• W-2

• W-4

• 1099 INT

• 1040ez

Increasing the number of allowances you claim on your W-4 will have what affect your paycheck?

• It will increase the amount of taxes taken out

• It will decrease the amount of taxes taken out

• No affect on the amount of taxes taken out