Personal Finance: Employment and Taxes

higher your lifetime earnings

Generally, the more education you receive, -- will be

Claim both deductions and credit as they can reduce your taxes

If you have to decide to claim a credit or deduction on your taxes which should you take?

taxes pay for schools first responders and roads

Which of the following statements is true about taxes?

to indicate where tax refunds should be sent

Why is it useful to have your bank account and routing numbers when using tax preparation software?

your federal and state taxes if your state requires it

Each year, you must file

Gross pay is before taxes are subtracted but net pay is after taxes are taken out

What is the difference between gross and net pay?

to inform your employer of how much federal income tax to withhold from your paychecks

What is the purpose of the W-4 form?

determine how much federal income tax your employer should withhold from your paychecks

When you start a new job, you fill out a W-4 form to

restaurant tax

Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck.

W-2

Your employer sends you a -- form that tells you how much you've made and how much you've paid in taxes in the last year.

FICA taxes

Your salary is one thing to consider when reviewing a job offer but benefits are also important. Which of the following would NOT be a part of your benefits package?