A form that details all "non-employee" compensation, including for specific jobs like freelancers or contractors

Someone you financially support who can be "claimed" on a tax return to reduce your taxable income and lower your taxes

A federal law that requires an employer to withhold taxes from the wages they pay their employees; the funds go toward Social Security and Medicare

A category that defines the type of tax return an individual will use, primarily based on marital status; it also determines the size of your tax brackets and how much of your income is taxed at each rate

A government-run insurance program that provides healthcare assistance to low income Americans

A government-run insurance program that provides healthcare assistance to elderly and disabled Americans

A federal program that provides monthly benefits to millions of Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals

A standardized dollar amount that reduces your taxable income, specifically for individuals who do not receive additional benefit by itemizing their deductions into medical expenses, donations, etc.

A range of income amounts that are taxed at a particular rate

An amount subtracted directly from the tax owed

An amount that can be subtracted from person's tax liability that lowers their taxable income

An annual report to the IRS summarizing total income, deductions, and the taxes withheld by employers

An amount that a government gives back to a taxpayer who has paid more taxes than were due

A form that an employer must send to an employee and the IRS at the end of the year to report the employee's annual wages and taxes withheld from their paycheck

A form completed by an employee to indicate his or her tax situation (exemptions, marital status, etc.) to the employer, who then withholds the corresponding amount of taxes from each paycheck

Mckinley's annual salary is $114,800. How much will she pay in Social Security taxes this year if she gets taxed at 6.5%?

Ty works part-time at a movie theater making his state’s minimum wage of $10.10 per hour. How much is his gross pay if he works 25 hours?

If $52.70 was deducted from Larnell’s $850 paycheck for Social Security taxes, what percentage did she pay in SS?

$3.34 out of Annette’s $73 bill at the grocery store was sales tax. What percentage does Annette pay in tax?

What percentage of John's paycheck was paid in taxes?

What percentage of I.M Fictitious' check did he take home after all deductions?

Jeremiah makes $15 an hour working part-time at a local fast food restaurant. He pays approximately 11% in taxes on his earnings. If h is his hours worked, model his weekly after-tax wages as a function w(h) of hours worked.

Sarah goes to the grocery store and buys four packs of gum. Sales tax in Connecticut is 6.35%. How much does Sarah spend if each pack of gum is $3.28?

Taylor makes $13 per hour at the grocery store. Her gross wages can be modeled as w(h) = 13h, where h is the number of hours worked per week. How much will her gross wages be if she works 12 hours this week?

The function f operates on variable x by tripling it, adding 5, and then doubling that quantity again. This can be modeled as f(x) = 2(3x + 5). What would f(17) be?

This tax is used to fund Medicare and Social Security programs

What is a progressive tax?

What is a regressive tax?

What is a proportional tax?

What tax is the percentage of an employee's salary that is remitted to the government to mainly fund Medicare & Social Security?

Which is not a common payroll deduction?

Which programs do states spend the most tax dollars on?

You can take your above-the-line deduction & the standard deduction.

You can take the standard deduction & itemize your deduction.

On your W-2, it states you paid $4,908 in federal taxes. After you take your deductions, you find out you only really owed $6,095. What does this mean?

Wage pay means you get paid hourly. Salary pay means you get paid the same amount no matter how many hours you worked.

When should you complete a W-4?

Payroll taxes scale upward with income.

Income taxes are a flat rate across all earning levels.