WorksheetsEPF Week 2
Total questions: 24
Worksheet time: 12mins
_____________ is a payment people receive for providing resources in the market
Income
Wage
Rent
Salary
_____________ is income received for providing labor (human resource)
Salary or Wage
Rent
Pay Check
Pay Check
__________ is money taken out of your paycheck
Tax Deduction
Gross Pay
Net Pay
Payroll Deduction
When writing a check, you are NOT required to
sign the check.
write the date on the check.
write who the check is to.
write what the check is being used for.
When using credit, you are
spending money out of your savings account.
spending money out of your checking account.
co-signing on someone else's loan.
borrowing some principal and paying back that principal with interest at some future date (or over time).
____________ is the money you take home
Gross Pay
Deductions
Net Pay
FICA
_________ is the money you earn
Gross Pay
Deductions
Net Pay
Rent
FICA includes which of the following deductions
State Taxes &
Federal Taxes
Social Security &
Medicare
Rent &
Health Insurance
None of these
Federal Tax Form is also called the
67 Form
1040 form
VA Form 760
W-2 Form
______ form is what is given to you by your employer. It provides a summary of the previous year’s gross taxable income and withholdings
W-2
W-4
1040 Form
VA Form 760
_____ form is an Internal Revenue Service (IRS) document that you complete for your employer. This determines how much the employer should withhold (deduct) for federal income taxes & send to the IRS
W-2
W-4
1040 Form
VA Form 760
Which of the following is NOT a Mandatory Payroll Deduction
State Tax
Federal Tax
FICA
401k Contributions
Which of the following is NOT a Voluntary Payroll Deduction
FICA
401k Contributions
Disability Insurance
Healthcare Premium
______________ – Only the endorser’s/recipient’s signature
Blank Endorsement
Special Endorsement
Restrictive Endorsement
None of these
________________ – is an endorsement that transfers ownership of the check
Blank Endorsement
Special Endorsement
Restrictive Endorsement
None of these
Why does the government collect taxes?
to provide goods & services that might not be as easily available if private companies were to provide it
in order to provide free goods & services to all people
they were told to
none of these
What is income tax?
Tax you pay for buying goods & services
Tax taken out of things you own, ie: car, house, etc.
Tax taken out of the money you earn
Tax you pay for living in the U.S.
What is property tax?
Tax you pay for buying goods & services
Tax taken out of things you own, ie: car, house, etc.
Tax taken out of the money you earn
Tax you pay for living in the U.S.
What is sales tax?
Tax you pay for buying goods & services
Tax taken out of things you own, ie: car, house, etc.
Tax taken out of the money you earn
Tax you pay for living in the U.S.
Define the following tax structure: Progressive Tax
Tax rate rises as taxpayer’s income rises
Same tax rate is paid by people at all income levels
Taxpayers who earn lower incomes pay a higher percentage of their income than those who earn higher incomes
Define the following tax structure: Regressive Tax
Tax rate rises as taxpayer’s income rises
Same tax rate is paid by people at all income levels
Taxpayers who earn lower incomes pay a higher percentage of their income than those who earn higher incomes
Define the following tax structure: Proportional/Flat Tax
Tax rate rises as taxpayer’s income rises
Same tax rate is paid by people at all income levels
Taxpayers who earn lower incomes pay a higher percentage of their income than those who earn higher incomes
Define Luxury Tax
tax paid on expensive goods & services that are non-essential
used to tax a consumer more directly for a service, OR to change people’s behavior
tax on the money you earn
tax on things you purchase
Define Excise Tax
tax paid on expensive goods & services that are non-essential
used to tax a consumer more directly for a service, OR to change people’s behavior
tax on the money you earn
tax on things you purchase
