econ taxes

Total earnings BEFORE payroll deductions

• gross income

• net income

• state income

• federal income

Total earnings AFTER payroll deductions (take home pay)

• gross income

• net income

• state income

• federal income

What is a deduction?

• money the government withholds from your paycheck

• money you subtract from your taxable income to lower the amount of taxes you owe

• a person who depends on you financially

• money your employer withholds from your paycheck to pay taxes on your behalf

What form lets your employer know how much tax to withhold from your paycheck?

• W-4

• W-2

• IRS

• K-9

_______ and ________ are responsible for writing and approving the country's tax laws.

• City Mayor and Local Authorities

• Congress and the US President

• You and Me

• City council and Military

What can happen if you don't file/pay taxes?

• You can get fined
• You can own back taxes
• You can go to prison
• All of the above

Linda's employer sent her a(n) _____, which summarizes her earnings and the amount withheld from her paychecks.

• W-4 form
• W-2 form
• I-9 form
• 1040 form

____ is the deadline to file your tax return.

• January 31

• January 1

• December 31

• April 15

The federal government levies a tax on personal income to provide for 

• national defense and law enforcement
• veterans and foreign affairs
• social programs like food and housing assistance and college grants
• All answers shown

Which of the following taxes is meant to provide medical benefits for certain individuals when they reach age 65?

• Federal Income Tax

• Medicare Tax

• Sales Tax

• Social Security Tax