Personal finance 1

Form w-4

A form filled out by an employee that provides information needed to determine the proper amount to withhold from his or her paycheck is a ____ _____

Tax return

A set of forms that taxpayers used to calculate the tax obligation is a ______ _______

Form w-2

A summary of earnings and withholdings the employees use with their tax forms and reporting their individual taxes.

True

According to the ability to pay principle of taxation people who have higher incomes should pay larger share of their income in tax.

Social security taxes

Employers must withhold from your paycheck_____ _____ _____.

False

Employers pay twice as much as social security and Medicare than each employee does.

False

Gross income is the amount you receive after withholdings are subtracted from your gross pay

True

It is financially beneficial to save your money in the bank rather than let your employer withheld more taxes than you think you will Owe year.

False

Most young people do not qualified to use the simplest of the income tax forms, 1040EZ.

Public goods

Roads, schools, national defense, and they were services of regulatory agencies are considered to be____ ____.

Drivers' licenses, building permits, and business licenses

State and local government regulate.........

Tariffs

Taxes imposed when something is imported into the United States.

Excise taxes

Taxes on the sale of tobacco gasoline and alcohol are ______ ______.

Estate taxes

Texas a property that will be inherited from a deceased person are called______ _______.

False

The IRS will impose a fine on any taxpayer who fails to sign his or her tax return before it's filed.

Gross income

The amount you are before taxes are withheld is your ______ ______

True

The federal agency that collects taxes is the internal revenue service.

Adjusted gross income

The figure used to calculate your taxes after exemptions and deductions is known as what?

True

The law that requires workers to contribute to social security and Medicare is the federal insurance contributions act.

Taxable income

The money you earn before taxes is known as you're what on your income tax return?

Allowances

The number of ________ you claim on your W-4 determines the amount of money withheld from your pay.

True

The people whom you support financially such as your children are dependents.

Sales tax

The tax imposed on gasoline and airline travel is what type of tax?

Tariffs

To control the flow of products that are imported into the United States, some ________ have been imposed on these products.

Progressive

What Is it called when income taxes raised?

1099-INT

What form do banks provide to both the IRS and people to state the interest earned on their account during the tax year?

W-4

What form do you complete that will provide employers with the information to deduct the proper amount of withholdings from your paycheck?

Standard deduction

What is it called federal law allows people and all other tax payers to subtract an amount from their adjusted gross income without having to document expenses?

Gift tax

When someone dies before their children gets their inheritance they have to pay what?

True

Your W-4 helps your employerknow how much to withhold from your pay.