2024 Financial Planning

Required payments to a government

• Variable Cost

• Gross Monthly Income

• Taxes

• Income

Total amount of earnings made over a month before any deductions

• Net Monthly Income

• Gross Monthly Income

• Income Tax

• Social Security

A portion of one's personal income paid to a government (one correct answer)

• Fixed Cost

• Variable Cost

• Income Tax

• Medicare Taxes

A social insurance system that provides benefits to Americans who are sick, retired or disabled.

• Social Security

• Abilities

• Medicare

• Taxes

What is earned income?

• A sudden or unexpected amount of money

• Income received from investments

• Money received for services or work performed

• Income earned without direct involvement

Amounts of money taken from income before you are paid.

• Commission
• Retainer
• Deductions
• Rate

What are the Federal Payroll taxes that are withheld from gross pay?

[Select all that apply.]

• Federal Income Tax

• State Income Tax

• City/Local Income Tax

• Medicare Tax

• Social Security Tax

As taxable income increases, income tax rates ____

• increase
• decrease
• stay the same
• could go either way

When you are keeping track of your deposits and withdrawals, deposits from your account are:

• Added to your account balance

• Subtracted from your account balance

• Multiplied by your account balance

• Divided by your account balance

Non-wage compensation provided by your employer are called

• Withholdings
• Take-home pay
• Income
• Employee Benefits