Taxes Assessment Study Guide

What are Taxes?

• A Sum of money that the Federal government pays its citizens for good behavior.
• A Sum of Money that the State Mandates its Businesses pay in order to support the cleaning of their parking lot. 
• A Sum of Money that the Federal Government charges its citizens to clean up their messes. 
• A sum of money that the State or Federal Government mandates its citizens pay in order to support the government itself and all of its services. 

When are you considered a Tax Payer?

• When the government assigns you a social security number.
• When the IRS assigns you a Taxpayer Identification number
• If you Live in the United States and Pay Taxes to National, State, County, or Municipal (City/Town) Government
• When the monkeys come home from the zoo and begin to throw poo at you and your crew and there's nothing you can do. 

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 Payroll 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 Federal Income Tax?

• Funds the Disney Corporation with money it needs to operate. 
• Money that supports the Executive, Legislative, and Prejudicial branch of the government.
• A tax that supports the air traffic navy platoon system, the national board of realtors as well as the web of excessive disproportionate growth. 
• A tax that supports the federal governmen all its systems, highway construction and the military. 

What is the Social Security Program?

• A program that helps supplement the high medical costs after retirement. 
• A supplemental retirement program where the government sends a check to a retiree at the Age of 67. (You can begin receiving at 62, however it will be at 70%)
• A benefit program that is taxable by the State Government. 
• A program that sustains and secures 

What is Medicare

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

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

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