Spring Semester 2023 Technical Math Review

A deduction is

• gross income

• money added to your income

• net income

• money taken out of your income

Gross income is:

• the total amount of money you earn

• the amount of money you receive after decuctions are subtracted

• the total amount of money you spend

• sales taxes on items you buy

Net Pay is...

• pay you get after deductions

• pay you get before deductions

• gross pay

• regular pay + overtime pay

Which tends to be a 'larger' amount of money? Gross or Net Pay?

• Gross Pay

• Net Pay

Match the following

• Money withheld from the government & paid out at retirement age

• Taxes

• The money you bring home each pay period

• Gross Pay

• The money you earn before taxes & deductions are subtracted

• Net Pay

• State Income & Federal Income taxes

• Medicare

• Money withheld to help pay for your medical benefits at retirement age

• Social Security Tax

What type of income are your taxes based on?

• Gross Pay

• Net Pay

• Taxable Income

When is the deadline for your income tax return?

• January 1st

• January 31st

• April 15th

• April 1st

The form you fill out when you get a job for taxes to be pulled from your paycheck is called...​

• W4

• I-9

Groceries, health insurance, water and electricity and house rent is an example of _________.

• wants

• savings

• needs

• wants and savings

What is 50/30/20 budget rule stands for?

• 50% on needs, 30% on wants and 20% on savings

• 50% on wants, 30% on savings and 20% on needs

• 50% on savings, 30% on needs and 20% on wants

• 50% on wants, 30% on needs and 20% on savings