Chapter 10 - Ramsey Income and Taxes Review

Withholdings and deductions are . . .

• Examples of deficit spending

• Expenses that are taken out of your paycheck

• Categories of a good budget

• Money that the government gives back to you

The money you earn hourly for your time and effort at work is called ________.

• Wages
• Minimum Wage

• Salary

• Income Tax

What does the Form W-4 estimate?

• How much tax you'll owe based on your personal situation.

• How much income you should be making.

• How much money you'll spend in that fiscal year.

• How many tax returns you need to submit.

Every American who earns an income must file a ________ each year.

• Tax Deduction

• Tax Extension

• Paycheck

• Federal Tax Return

When you make ________ money, you will pay ________ in taxes.

• More; more

• More; less

• Less; more

• More; the same amount

If you work and earn money, you will have to pay taxes.

• True

• False

A fixed, annual rate of pay that doesn't change by working more or fewer hours is called ____.

• Salary

• Hourly wages

• Passive income

• Commission

When someone says they need to file their taxes, they're talking about filling out a ____.

• Federal tax return

• Form W-4

• Tax liability

• Tax bracket

What is the main IRS form that most Americans use to file their taxes?

• Form 1040

• Form I-9

• Schedule C

• Form 1099-DIV

Property tax, inheritance tax, estate tax, and gift tax are all examples of ____.

• Income tax

• Family tax

• Paycheck tax

• Wealth tax