ICC (Fin. Literacy) 1-4-23

This tax comes out of paychecks and helps people who are 65 or older and are sick and in need of medical care.

• Medicare

• Tax

The form that determines the amount of money withheld for taxes is called a: 

• w4
• i9
• w2
• 1040ez

Which is a larger dollar amount, gross pay or net pay?

• gross pay
• net pay

What happens if you don't have enough money taken out of your paycheck?

• You have to pay money to IRS next year
• You get money back from the IRS next year
• Nothing, they ignore it
• They fine you

What happens if you have too much money taken out of your paycheck?

• You have to pay money to IRS next year
• You get money back from the IRS next year
• Nothing, they ignore it
• They fine you

The cost of borrowed money, usually expressed as a percentage.

• interest
• savings plan
• scarce
• purchase

A plan for spending

• income
• expenses
• sales tax
• budget

Which is an example of a variable expense?

• car payment
• mortgage
• electricity bill

When you buy a stock, you are buying a small piece of _______ in a company.

• debt
• ownership
• risk

Multi-Step

Joe has two part-time jobs. At his first job, he earned $200 and paid $42 in payroll tax. At his second job he earned $175 and paid $24 in payroll tax. What is his pay after taxes?

• $158

• $309

• $351

• $303