Wednesday BMath Review (12/9/20)

Taking payments out of your pay before you receive it.

• withholding

• tax return

• taxable income

• personal exemption

A persons gross (or total) income minus exemptions and deductions.

• taxable income

• tax credit

• income tax

• estate tax

FICA (Federal Insurance Contributions Act) taxes provide benefits for retirees. Another name for FICA is Social Security.

• true
• false

What percent of gross pay is Medicare tax?

• it varies
• 1.45%
• 6.2%
• 7.65%

Tags

CCSS.6.RP.A.3C

What percent of gross are payroll taxes (social security + medicare)?

• it varies
• 1.45%
• 6.2%
• 7.65%

Tags

CCSS.6.RP.A.3C

The total amount of earnings before any deductions are taken out

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

Which term describes the amount of money on which a person must pay taxes?

• withholding

• net income

• taxable income

• pension

Tags

CCSS.7.RP.A.3

Pedro earned gross income of $35,200 last year. If he took the standard deduction of $5,450 and one exemption for $3,500, what was his taxable income for the year?

• $29,750

• $26,250

• $31,700

• none of the above

Tags

CCSS.7.NS.A.1D

Peter Williams earned gross income of $76,124 last year. During the year, he made monthly payments of $250 into an approved retirement plan. What was his adjusted gross income last year?

• $73,124

• $75,874

• $74,624

• none of the above

Tags

CCSS.4.OA.A.3

Total earnings BEFORE payroll deductions

• gross income

• net income

• state income

• federal income

Tags

CCSS.6.RP.A.3B