Week 10 of Personal Finance

Which of the following could be considered a lender?

A person or a business (such as a bank or credit card company)

In Matthew 22:19-22, Jesus told the Pharisees to "render to ________ the things that are Caesar's, and to God the things that are God's."

Caesar

With which of the following do taxes help?

Ensuring society runs smoothly and that we are safe

Taxes provide revenue for which of the following governments?

Federal State Local

What are some reasons you could receive a tax credit?

Installing solar panels or adopting a child

Which is NOT true of state income tax?

It is required by all 50 states.

Which of the following use federal income taxes?

National programs, such as defense, community development, and law enforcement

______ pay is the amount of money you actually get to take home, otherwise known as "take-home pay."

Net

All of the following people should receive W-2 forms EXCEPT:

Serena, who is a freelance wedding photographer

Which of the following is true about deductions taken out of a person's paycheck?

Some are used to pay for government services, Social Security, and other societal needs.

____________ wages are the wages that are considered pay for work and not benefits otherwise provided, so the taxable income is equal to or less than a person's gross pay, depending on any exempt benefits that are not taxed.

Taxable

_______________ help pay for items that we need in our society, such as education, roads, defense, and social programs.

Taxes

Which part of the pie is arguably the most important to study because it can be the hardest for people?

The "Owe" section

What grants Congress the power to establish and collect taxes?

The Constitution

What is an adjusted gross income (AGI)?

The amount of your income you will pay taxes on

______________ regulate(s) business practices and redistributes income from taxpayers to those who are disabled and unemployed.

The government

What are examples of goods and services that are purchased by the government?

Transportation and defense

Which form tells employers how much income tax to withhold from their employees' pay?

W-4

As a follower of Christ, how should we pay our taxes?

With a joyous and honoring heart

Proverbs 22:7 says the _______________ is a slave to the ________________.

borrower, lender.

A tax ________ is a dollar-to-dollar reduction in your actual tax bill.

credit

W-2 tax form

form that shows the amount of taxes withheld from your paycheck for the year; used to file your federal and state taxes

People pay many different types of taxes, which allows the ___________ to provide public goods and services.

government

Taxes shift resources from private individuals and businesses to the __________ in order to pay for public goods and services, regulate the economy, and redistribute income.

government

Government ___________ payments are paid by the government for interest on borrowed money.

interest

A tax deduction is a dollar amount that the IRS allows you to subtract from your adjusted gross income, or AGI, making your taxable income _________________.

lower

A ___________ deduction is a large, fixed dollar amount determined by the federal government for that tax year.

standard