Review of Taxes - Personal Finance

The set amount of money you get paid per hour is your

• Total income

• Gross

• Net

• Wage

Federal Taxes are paid from your check to the

• Employer

• U.S. Government

• County

• State

The FICA portion withheld from your check consists of which two categories?

• Social Security

• State Taxes

• Medicare

• The IRS

The employee is ....

• the person who is paid and works for a company.

• the person who started the company.

• the person who now owns the company.

• the person who used to work at the company.

Y.T.D. stands for _____________.

What can you do with a check?

• cash it

• deposit it

• both of these

• neither of these

The taxes you pay on something you purchase are called?

• Income Tax

• Property Tax

• Sales Tax

• None of these

If you are 20 years old and a full time college student living at home then your parents can claim you as a dependent on their taxes.

• True

• False

What are some things local taxes are used for?

(There is more than one correct answer)

• Police

• Schools

• Roads

• State Parks

The W4 and the I-9 are both documents you fill out before you can get paid by your new employer.

• TRUE

• FALSE