personal finance review 2

Jimmy always filed his income tax on time, however he exaggerated his deductions and amount donated to charities. This caused the government to review his income and taxes, this is referred to as an adult

AUDIT

Excise taxes are taxes collected from the seller or retailer and as such remain "hidden" in the price of a product or service, rather than being listed separately. Examples of items that will have an excise tax are:

gasoline, cigarettes, alcohol

What is the difference between gross and net pay

gross is before taxes net is after

Identify services provided by our government libraries, military protection, in which our taxes support that we all benefit

libraries, military protection, police fire protection public schools roads

Social Security tax is an example of this type of tax:

pay roll

Which of the following is are classified as a required employee deduction in Missouri?

state, federal and social security

Income tax is tax paid both on unearned income and earned income.

true