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WorksheetsPoBMF - CH 18 INCOME & TAXES REVIEW
Total questions: 24
Worksheet time: 12mins
A process used by individuals to manage limited income to meet personal unlimited needs and wants is called_____________.
want management
money decisions
personal financial management
wealth management
_________ is income received from self-employment.
Minimum wage
Earned income
Annual revenue
Overtime wage
A person who has the ability to understand basic topics related to finance is _______________.
business savvy
accounting capable
financially capable
investment savvy
An expense that is equal in amount each budget period is a(n) ____________.
fixed expense
variable expense
annuity
standard deduction
The difference between a budgeted dollar amount and the actual dollar amount is a(n) ____________________.
profit
expense
variance
income
An expense that can go up and down during the budget period is a(n) ____________________.
allowance
exemption
fixed expense
variable expense
An amount that a taxpayer can claim for each person who is dependent on that person's income in a(n) ____________.
itemized deduction
standard deduction
exemption
allowance
A ___________ is an amount that is subtracted from adjusted gross income, which further reduces taxable income.
tax return
tax deduction
tax credit
variance
Tax returns must be filed no later than _________ each year.
December 31
January 15
June 1
April 15
Taxes paid by the employee and the employer that are used to finance the federal Social Security and Medicare programs are ________ taxes.
FICA
net
W-4
deduction
What is the amount on which taxes are calculated?
tax credit
itemized deduction
net pay
taxable income
What is the definition of earnings from other sources other than work?
unearned income
allowance
earned income
net pay
What is the term for fixed amount that may be deducted from adjusted gross income?
standard deduction
tip
wage
bonus
What is the amount of earnings not subject to income taxes?
allowance
net pay
exemption
itemized deduction
What is money paid for service beyond what is required?
tip
wage
bonus
net pay
What is the income in the form of a wage, salary, or commission?
earned income
standard deduction
exemption
tax credit
What is the form that helps an employer determine an employee's payroll deductions?
Form W-4 Employee's Withholding Allowance
Form W-2 Wage and Tax Statement
1040A
1040EZ
What is the amount that is subtracted from the taxes an individual owes if eligible?
tax credit
gross pay
tip
bonus
What is the payment for work and is usually calculated on an hourly, daily, or weekly basis?
wage
tip
bonus
exemption
What is gross pay minus payroll deductions?
net pay
gross pay
commission
salary
What is money added to an employee's base pay?
bonus
taxable income
wage
exemption
What is the term for amount that a taxpayer can claim for each person who is dependent on that person's income?
exemption
taxable income
wage
tip
What is the term for an allowed expense that can be deducted from adjusted gross income?
itemized deduction
net pay
gross pay
tip
What is the term for the form that shows earnings and tax deductions withheld during the year?
earned income
Form W-4 Employee's Withholding Allowance
Form W-2 Wage and Tax Statement
net pay
