Tax Unit Review

Required charges of citizens by local, state, and federal governments are called:

• charges
• taxes
• fees
• paycheck deductions

Tags

CCSS.7.RP.A.3

Roads, police, schools, governmental agencies, fire and emergency services are all funded by taxes

• true
• false

Tags

CCSS.6.RP.A.3B

The form that you fill out for your employer that determines the amount of money withheld for taxes is called a:

• w4

• i9

• w2

• 1040ez

Total amount paid to an employee each pay period, including regular pay, overtime pay, and other taxable earnings (such as reimbursements)

• net pay
• gross pay
• payroll deductions
• none of these

The amount of money subtracted from the gross income for taxes. Typically about 30% of your paycheck

• social security
• medicare
• payroll withholdings
• income tax withholdings

Helps provide retirement income for the elderly and pays disability benefits

• medicare
• social security
• state income tax
• federal income tax

Tags

CCSS.7.RP.A.3

A health care program for the elderly and disabled

• social security
• medicare
• state income tax
• federal income tax

Tags

CCSS.6.RP.A.3B

Also known as take home pay, this is the amount left after all payroll deductions have been taken from the gross income

• gross pay
• withholdings
• net pay
• real pay

Tags

CCSS.7.RP.A.3

Totals all of the deductions which have been withheld from an individual’s paycheck from January 1 to the last day of the pay period indicated on the paycheck stub

• payroll withholdings
• income tax
• social security
• year to date

Which is bigger, gross pay or net pay?

• gross pay
• net pay

Tags

CCSS.6.RP.A.3D