Taxes and Payroll

What is Income Tax?

• Tax on Earned Income
• Tax on Unearned Income
• Tax on Earned and Unearned Income
• Taxes on the Wages you earn from your Employer

What is Medicare

• A retirement supplement program
• A VA benefits program
• A program for Low-Income Families
• A medical program for senior citizens

When you combine Medicare and Social Security what Tax do you have?

• FICO
• FICE
• FACE
• FICA

What are the three taxes that everyone must pay from their paycheck?

• Federal income tax, state income tax and county tax

• Federal income tax, sales tax and Medicaid tax

• Federal income tax, Social Security tax, Medicare tax

• State income tax, Social Security tax and Sales tax

The federal government levies a tax on personal income to provide for 

• national defense and law enforcement
• veterans and foreign affairs
• social programs like food and housing assistance and college grants
• All answers shown

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.2

CCSS.RL.8.1

CCSS.RL.9-10.2

Which form tells an employer how much to deduct for taxes?

• W2
• W4
• 1099
• 1040

What percent of gross pay is federal income tax?

• it varies
• 1.45%
• 6.2%
• 7.65%

Determines the amount of federal withholding tax from an employee's paycheck

• Taxation Form
• I9 Form
• W4 Form
• Deduction Form

The total amount of earnings before any deductions are taken out

• Gross Pay
• Net Pay
• After-tax Income
• Yucky Pay

Which tax form is used to tell your employer the amount of allowances you will be claiming?

• W2
• W4
• 1040EZ
• 1099-INT