Income and Income Tax

Pays medical and disability benefits to employees injured on the job

• unearned income

• earned income

• workers compensation

• Medicare

Wages, salary and tips

• unearned income

• earned income

• disposable income

Income that has not been worked for such as interest, dividends, or gambling winnings

• disposable income

• unearned income

• earned income

• workers compensation

withheld from an employee’s wages or salary

• disposable income

• payroll taxes

• workers compensation

• earned income

Tags

CCSS.7.RP.A.3

fixed rate of pay for week, month, or year

• wages

• commission

• tips

• salary

pay based on number of hours worked

• salary

• wages

• earned income

• unearned income

What are the four most common taxes that come out of a person’s payroll check?

• Federal Income Tax

• State Income Tax

• City/Local Income Tax

• Medicare Tax

• Social Security

In most circumstances, which of the following persons can be claimed as a dependent on a Form W-4? Mark all that apply.

• yourself

• your spouse

• your parents

• your children

• your pets

What government department collects personal income tax?

• Federal Government

• IRS

• Social Security Division

• Congress

By what date must employers provide, or place in the mail, a wage earner's W-2 statement?

• January 1

• January 31

• April 1

• April 15