Ch 3 review

wage

Certain amount of pay for every hour of work

A child or other person for whom a taxpayer is financially responsible is a

Dependents

A tax charged to the producer or seller of a product or service is a______ tax

Excise

Bonus Army

Extra payment in addition to a workers regular pay

A property tax is an indirect tax

F

Which of the following is not an available benefit for Worker's Compensation

FICA

A bonus is one type of fringe benefit

False

The greater number of allowances claimed on a form W-4, the higher the tax that will be withheld from a paycheck

False

Unemployment benefits are permanent

False

salaries workers receive overtime pay

False

Piecework

Form of income in which an employee is paid a fixed amount of money for each piece of work that is completed

Profit sharing

Form of income usually company stock or bonuses given periodically throughout the year

____________ offered by a company might include Paid vacation and sick days

Fringe benefits/ benefits

The federal governmental agency that collects taxes is the

IRS

The purpose of a _____________ bonus is to encourage her to increase their production

Incentive

Gross pay

Total amount earned for a pay period before payroll deductions are subtracted

FICA is the amount withheld from a paycheck for Both Medicare and Social Security

True

Federal income tax and FICA mandatory payroll deductions

True

Payroll taxes are based on the amount of money an employee earns

True

Taxpayer who wishes to claim deductions on a tax form must use form 1040

True

Tips just be reported for tax purposes

True

The wage and tax statement is commonly known as a ______

W-2

Which of the following is not a payroll deduction

Workers compensation

Money earned from financial investments is not taxable income

false

The _______________ is the lowest amount of money an employer is allowed to pay a worker per hour for most jobs

minimum wage

Social Security withheld from your paycheck is a percentage of your gross earnings

true

Under Worker's Compensation a deceased workers family is eligible for certain benefits

true

What is the deadline for filing your tax return

April 15 of the following year in which income was earned

Overtime pay is usually _________ times the worker's regular wage

1.5

The tax return referred to as the longform in which of the following

1040

The tax from that is the easiest and quickest to file us form

1040 E2

Mini is married with three children what is the maximum number of exemptions he can claim

5

Payroll deduction

Amount subtracted from gross pay

Workers Compensation

Insurance program managed by the states to provide payments to workers after they are injured and become ill on the course of their work

_______ is a national governmental health program for 65 and over as well as certain people with disabilities

Medicare

Commission

Money earned as a percentage of sales made

Earned income

Money received for doing a job

Gross pay minus all deductions is called

Net/ take home pay

Which of the following is not a form of income

Payroll deduction

Tamara assembles earrings and is paid for each pair She completes what type of income does she receive?

Piecework

Because the income tax rate varies with income earned income tax is an example of a_________ tax

Progressive

Unemployment insurance

Provides benefits to workers who have lost their jobs

Sales tax is an example of a ___________ tax because its accounts for a greater proportion of a poor persons income

Regressive

A worker who is paid once a month, receiving the same pay each time, receives a _____

Salary

Attached charge on goods and services is a __________ tax

Sales

Salary

Set amount of money paid for a certain period of time

tips

Small amounts of money given by customer to service workers in return for their help

The federal government program for providing income family earnings or reduce or stop because of a retirement disability or death is

Social Security

To declare how much income you made and how much federal tax you owe each year, you must file a ________

Tax return

_________ are payments that citizens and businesses are required to pay to city, county, state, and federal governments

Taxes