Multiple Choice

Provides medical benefits to those 65 or older is _________________________________.

• Medicare

• Medicaid

• Social Security

• Veterans Health Administration

Usually the largest withholding from your paycheck and the amount depends on how much money you made and what you indicated on your W4.

• FICA

• State Tax

• Medicare

• Federal Tax

Your pay after deductions are taken out is called _________________________________.

• net pay

• gross pay

• base salary

• total earnings

Government agency that collects taxes and enforces tax laws is called _________________.

• Internal Revenue Service (IRS)

• Federal Tax Authority (FTA)

• National Tax Agency (NTA)

• Revenue Collection Department (RCD)

Form you complete when you begin a new job so the employer knows how much to withhold from your paycheck for federal tax.

• W-4 Form

• W-2 Form

• I-9 Form

• 1099 Form

The source for retirement income or income for disabled people is ___________________.

• Social Security

• Medicare

• Unemployment Benefits

• Food Stamps

Amount of money you earned before deductions are taken out.

• Gross income

• Net income

• Disposable income

• Taxable income

Social Security and Medicare together called ___________________.

• Mandatory Tax

• Optional Taxes

• FICA

• Tax

January 1 through today is called _____________________________________________.

• Year-to-date

• Fiscal year

• Calendar year

• Quarter-to-date

You would apply for this in order to borrow money from the bank.

• loan

• credit card

• savings account

• mortgage