PF- S1 Final Review (CH6 & 7)

The total amount of money a worker earns in a pay period is his or her ___________.

• gross pay

• net pay

• adjusted gross income

• capital gain

The total amount of money a worker takes home in a pay period is his or her ________.

• gross pay

• net pay

• adjusted gross income

• capital gain

Which of the following is NOT one of the main purposes of taxation?

• revenue

• redistribution

• retailing

• repricing

Public programs such as national defense, public schools, Social Security, and fire and police protection are all paid for through ________.

• tax revenue

• capital gains

• itemized deductions

• real estate taxes

In general, which type of tax is typically used to fund local schools?

• sales tax

• real estate tax

• payroll tax

• income tax

Federal income taxes, state income taxes, and Social Security withholdings are all ________.

• payroll taxes

• real estate taxes

• sales taxes

• capital taxes

FICA refers to payroll taxes withheld for ________.

• federal income taxes

• state income tax

• estimated tax

• Social Security and Medicare

Which of the following would LEAST likely be included on an employee's pay stub?

• the employee's gross pay for the pay period

• the employee's total tax owed for the year

• the amount withheld from the employee's gross pay for FICA and other payroll taxes

• the employee's net earnings for the year

The deadline for filing your federal tax return each year is ________.

• January 1st

• December 15th

• March 15th

• April 15th

Andrew is looking at the information on his pay stub. His only tax withholding was $ 15.30 for FICA. If Austin's net pay was $184.70, what was his gross pay?

• $15.30

• $97.34

• $169.40

• $200.00