PFL - Unit 2 Reviews (Income and Taxes)

When you subtract personal exemptions and itemized deductions from your gross income.

• Allowance

• Taxable income

• Income tax refund

• Standard deduction

The dollar amount that reduces the amount of income on which you are taxed.

• Adjusted gross income

• Taxable income

• Income tax refund

• Standard deduction

An individual's total gross income minus specific deductions.

• Adjusted gross income

• Taxable income

• Income tax refund

• Standard deduction

What % of financial support must someone provide to another person to claim them as a dependent

• at least 25%

• at least 50%

• at least 75%

• at least 100%

Which of the following are not provided by your property tax revenue?

• Local public schools

• Local road construction and maintenance

• Federal government services

• Local park and recreation services

Which of the following is not a payroll tax?

• Federal Income Tax

• State Income Tax

• Medicare Tax

• Estate Tax

Federal agency that collects taxes

• FBI

• IRS

• CSI

• Department of Revenue

Your employer should deduct _____% from each employee's gross pay for social security.

• 1.45

• 12.4

• 6.2

• 2.0

An additional sales tax on specific goods

• Estate tax

• Inheritance tax

• Excise tax

• Property tax

Increasing the # of allowances you claim on your W4 will have what affect on your payroll taxes

• It will increase the amount of taxes taken out.

• It will decrease the amount of taxes taken out.

• It will have no affect on the amount of taxes taken out.