Budgeting & Taxes Review

What kind of tax is the same rate for everyone regardless their income?

• progressive

• regressive

• proportional

• unproportional

From the following, which should you cut out of your budget first?

• entertainment

• groceries

• rent

• car payment

What is the best way for a county to raise money to build a new park?

• increase federal taxes

• decrease state taxes

• increase local taxes

• decrease sales tax

Which type of income would be the most consistent?

• hourly wage

• dividends

• salary

• tips

Which of the following are included in Federal withholdings?

• Medicare

• Social Security

• Federal Income Taxes

• State Income Taxes

Who benefits from social security payments?

• Americans with disabilities

• lower income families

• older Americans

• Americans who saved enough money

What kind of tax goes to paying for national defense?

• Federal income taxes

• state income taxes

• social security

• 401k contributions

What is the correct equation to calculate net worth?

• hours worked x hourly wage

• assets + liabilities

• income - deductions

• assets - liabilities

What information is included in a W-2 form?

• interest the tax filer paid

• expenses the tax filer had

• taxes the tax filer paid

• wages paid to the tax filer

What is the term for the amount you get paid before taxes are taken out?

• net pay

• gross pay

• clean pay

• goal pay