WorksheetsUnit 3 ( Last Test of the year)
Total questions: 37
Worksheet time: 9hrs 15mins
W2
Employers to report the wages and income taxes withheld from emlyess pay checks
Tells you the employees status, multiple jobs adjustments, amount of credits and their income tax
The amount of money an employee receives after all deductions have been subtracted from their GROSS PAY
Net Pay
Employers to report the wages and income taxes withheld from emlyess pay checks o
Tells you the employees status, multiple jobs adjustments, amount of credits and their income tax
The amount of money an employee receives after all deductions have been subtracted from their GROSS PAY
Grosspay
The total amount an employee earns before any deductions, taxes, or withholdings are taken
Tells you the employees status, multiple jobs adjustments, amount of credits and their income tax
The amount of money an employee receives after all deductions have been subtracted from their GROSS PAY
W4
Employers to report the wages and income taxes withheld from emlyess pay checks o
Tells you the employees status, multiple jobs adjustments, amount of credits and their income tax
The amount of money an employee receives after all deductions have been subtracted from their GROSS PAY
1040
Individual income tax return is an IRS TAX FORM used for personal federal income tax returns filled by residents
Tells you the employees status, multiple jobs adjustments, amount of credits and their income tax
The amount of money an employee receives after all deductions have been subtracted from their GROSS PAY
What does FICA stand for?
Individual income tax return is an IRS TAX FORM used for personal federal income tax returns filled by residents
Tells you the employees status, multiple jobs adjustments, amount of credits and their income tax
Federal income contribution act, a U.S payroll tax used to fund Social Security and Medicare
Medicare
Individual income tax return is an IRS TAX FORM used for personal federal income tax returns filled by residents
A federal program that provides health insurance for people 65 yaesf of age or older & people under 65 with certain disabilities
Federal income contribution act, a U.S payroll tax used to fund Social Security and Medicare
What is the the largest "chunk " of money that is deducted from your paycheck?
Federal income tax
Net Pay
GrossPay
Itemezied Deduction
Lowers your income by one fixed amount
Made up list of eligble expenses
Standard Deduction
Lowers your income by one fixed amount
Made up list of eligble expenses
Liability insurance
Individual income tax return is an IRS TAX FORM used for personal federal income tax returns filled by residents
Pays for damages/injuries you cause
Federal income contribution act, a U.S payroll tax used to fund Social Security and Medicare
Comprehensive insurance
Damages to your car from events beyond your control
Pays for damages/injuries you cause
Federal income contribution act, a U.S payroll tax used to fund Social Security and Medicare
Collision insurance
Damages to your car from events beyond your control
Pays for damages/injuries you cause
Covers accidents with other cars and objects no matter who is at fault
Uninsured Motorist insurance
Damages to your car from events beyond your control
If a driver without insurance damages your vehicle, this coverage kicks in
Covers accidents with other cars and objects no matter who is at fault
Deductible
The amount you have to pay for repairs or claims
If a driver without insurance damages your vehicle, this coverage kicks in
Covers accidents with other cars and objects no matter who is at fault
If you pay too much tax during the year, can you receive interest on refund?
No
Yes
If you pay too much tax during the year, do you get a refund?
No
Yes
Does the state of GA charge state income tax?
No
Yes
Gap Coverage
The amount you have to pay for repairs or claims
If a driver without insurance damages your vehicle, this coverage kicks in
Helps pay off your car loan if you total your car
Premium
The amount you have to pay for repairs or claims
Monthly Cost
Covers accidents with other cars and objects no matter who is at fault
What is a claim?
Request
Monthly Cost
Covers accidents with other cars and objects no matter who is at fault
Roadside Assistance
If you're stranded on the side of the road
Monthly Cost
Covers accidents with other cars and objects no matter who is at fault
What are some things that can impact your car insurance rates?
If you're stranded on the side of the road
Safe driver, No speeding, Your cars value, and age
Covers accidents with other cars and objects no matter who is at fault
3 companies that report credit?
Equifax, Experia, Transunion
Fedex, UPPS, Amazon
Equifax, Statefarm, Transunion
which insurance company makes the most money?
Equifax, Experia, Transunion
Life insurance
Car Insuarnce
What are popular agencies?
Equifax, Experia, Transunion
Progressive, Allstate, State farm
What is the name of the Goverment agency that regulates all taxes?
Equifax, Experia, Transunion
Progressive, Allstate, State farm
IRS
Proportional tax
A larger % income is taken in taxes as income increases. EX: Invesment income
A smaller % of income is taken as income increases. EX: Social Security
"Flat Tax" same % paid in taxes regardless of income level. EX: Gas
What is interest ?
A larger % income is taken in taxes as income increases. EX: Invesment income
When you borrow money then pay back the original amount
"Flat Tax" same % paid in taxes regardless of income level. EX: Gas
Regressive tax
A larger % income is taken in taxes as income increases. EX: Invesment income
A smaller % of income is taken as income increases. EX: Social Security
"Flat Tax" same % paid in taxes regardless of income level. EX: Gas
Progressive tax
A larger % income is taken in taxes as income increases. EX: Invesment income
A smaller % of income is taken as income increases. EX: Social Security
"Flat Tax" same % paid in taxes regardless of income level. EX: Gas
At what point does late payment get reported negativively on your credit report?
30 days
60 days
90 days
Can you get a free copy of your credit report from these companies?
Yes, once a year
No, never in you're whole life time
Adavantages of using Credit
Opportunity to buy and use things while paying for them later
free money
Buying things and don't have to pay it back
Overextending and buying more than you have, spending money you don't have
Disadavantages of using Credit
Opportunity to buy and use things while paying for them later
free money
Buying things and don't have to pay it back
Overextending and buying more than you have, spending money you don't have
Who are creditors
Financial instatutions, individuals or entities that lent money
free money from people
Credit Report
Financial instatutions, individuals or entities that lent money
A list of all the credit a person has been granted and her/his payment history
Yearly salary report
