Doing Taxes

What is the income tax rate in Michigan?

• 4.25%

• 5.75%

• 6.85%

• 3.00%

What is the purpose of a W4 Form?

• To report annual earnings to the IRS

• To determine the amount of taxes to withhold from an employee's paycheck

• To report the number of dependents

• To apply for a tax refund

What is the percent sales tax in Michigan?

• 4%

• 6%

• 8%

• 5%

What benefits does Medicare offer?

• Unemployment benefits

• Retirement savings

• Health insurance for seniors and disabled individuals

• Education grants

What programs does FICA pay for?

• Medicare and Medicaid

• Social Security and Medicare

• Unemployment and Welfare

• Education and Infrastructure

What does FICA stand for?

• Federal Insurance Contributions Act

• Federal Income Collection Agency

• Financial Investment Company Act

• Federal Internal Credit Association

What does a 1099 INT Form show?

• Income from self-employment

• Interest income

• International transactions

• Inventory net worth

What is a 1040EZ Form?

• A form for self-employed individuals

• A simplified tax form for individuals with straightforward tax situations

• A form for reporting business expenses

• A form for itemizing deductions

What does Social Security do?

• Provides health insurance

• Offers retirement, disability, and survivors benefits

• Manages public education

• Regulates the stock market

When is one eligible to receive Social Security benefits?

• At any age

• After 10 years of work

• Upon reaching retirement age

• When they have children