Taxes

Who primarily uses our tax money?

• Your employer

• The state government

• The Federal government

• Local Businesses

Our tax money is spent on all of the following EXCEPT:

• Social Security

• The Military

• Private School Education

• National Parks

Tags

CCSS.6.RP.A.3B

Which of the following is NOT a category in the Federal government's spending?

• Mandatory spending

• Discretionary spending

• Interest on loans issued

• Interest on national debt

What types of taxes contribute to Federal tax revenue?

• Corporate Income Tax

• Income Tax

• Estate Tax

• Excise Tax

The W-4 form lets...

• the government know how much you paid in taxes last year

• your employer know how much to withhold from your paycheck

• the 3 major credit bureaus know how many dependents you have

• you know how much you paid in taxes last year

Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?

• Yes

• No

What item would you DEFINITELY see on a paystub?

• Retirement

• Healthcare

• Gross Pay

• Your occupation/role

Tags

CCSS.6.NS.B.3

The more allowances you claim on your W-4...

• The more money you will see in your paycheck

• The less money you will see in your paycheck

• The # of allowances has no impact on your paycheck

• You don't claim allowances on a W-4

The more allowances you claim on your W-4...

• The more money is withheld from your paycheck

• The less money is withheld from your paycheck

• The # of allowances doesn't impact how much $ is withheld

• You claim allowances on a W-2, not the W-4

True or False: All wages, tips, and bonuses are taxable unless specifically excluded.

• True

• False