Sophomore Selections

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Exemption

A fixed amount of money excused from taxes

Deduction

An expense that you are allowed

False, 10-35%

At the present time, the federal income tax ranges from 20-40%

Workers compensation

Benefits paid to people injured in the job or to dependent a of workers killed in the job

False, insurance

FICA stands for federal income contributions act

True

Failure to complete your income tax return by the due date can result in fines and penalties

False, W4

Form W2 tells your employer how much money to withhold for taxes from your paycheck

Medicare

Health insurance benefits from social security for people 65 and older

True

IRS is the gov agency that collects federal taxes and oversees the federal tax system

True

If you are self employees you must pay employer and employee tax

You will receive a tax refund

If your employer withheld more money from your paycheck a than you owe on your tax return..?

False, if over 1500

It you had interest income of 400 you are not allow e to use the 1040 ez

Work credits

Measurements of how long you have worked that determine your social security benefits

Social security

On your paycheck stub the box labeled FICA shows taxes you've paid to support..?

Vote

One way to influence city, state, and national tax laws is to..?

Taxes

Payments citizens make to the government services are called..?

Unemployment insurance

Plan that provides temporary income for workers who have lost their jobs

False, 9500 in 2011

Recently each taxpayer could claim 3200 personal exemption

True

Sales taxes go to the state or local gov

False, federal

Social security is a private program that helps individuals who are disabled or retired people and their families

People who have work credits

Social security provides benefits for..?

False, lawmakers

Taxpayers decide what taxes you must pay and how your tax money is spent

Income, social security, sales, property, state, user fees

The 4 types of taxes, why they vary per state

IRS

The agency that collects federal taxes

True

The basis of us tax system is that we should all pay our fair share of taxes

False, income

The federal governments revenue comes primarily from property taxes

True

The following are kinda of ss benefits- disability, survivors retirement and medical

False, uncertain

The future for ss is very bright and retire by 55

False, 1099 INT

The interest you earn on savings is nontaxable

True

There are three basic tax forms : 1040 EZ, 1040 A, and 1040

Self employed people

These people must pay both the employees and the employers share of social security tax

Withold

To take money out of an employees paycheck for income tax due

Unemployment insurance and workers compensation

Two state run social security programs are..?

Fair, clear, simple, collected at a convenient time, everyone who is able has to pay fair share

What are four good tax system features

True

You may use the 1040EZ form if you are single and make under 50,000

False, by the end of January

Your employer must give you your W2 by April 15

You have subtracted certain permitted amounts

Your taxable income is your income after..?


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