Unit 1

Overtime pay is calculate at ___ times regular hourly pay

1.5 times

How many paychecks a year for semi-monthly pay?

24

How many paychecks a year for bi-weekly pay?

26

Overtime kicks in after ___ hours worked in one week

40 hours

What is a dependent?

A person who relies on the taxpayer for financial support

What is the deadline for filing your federal tax return

April 15

what deductions are required to to be taken from your paycheck?

Federal income tax, State income tax, Medicare tax, social security tax

What is the difference between gross pay and net pay?

Gross pay is the amount of money you made before deductions. Net pay is the amount of money you get after deductions that you can take home.

Can you claim yourself as an exemption is someone else claims you as a dependent on their tax return?

No

PACED model

Problem, alternatives, criteria, evaluate, decide

What is the difference between tax avoidance and tax evasion?

Tax avoidance is illegally avoiding taxes. Tax evasion is legally finding ways to pay less tax.

Which are considered taxable income?

Wages, Salaries, Tips, Alimony

Is written consent necessary for non-required deductions to be withheld from your paycheck

Yes

Property tax

a tax based on real estate and other property

Sales Tax

a tax on sales or on the receipts from sales.

Excise tax

a tax on the production, sale, or consumption of goods produced within a country

What is it called when the government reviews your income taxes for discrepancies after you file your return?

audit

How do you calculate gross pay/net pay

gross pay is your pay rate x how much you worked. Net pay is gross pay - deductions

what is the largest source of government revenue?

income taxes

What goods/services are provided by the government and paid for by our taxes

public

Payroll tax

tax on wages and salaries to finance Social Security and Medicare costs

What is opportunity cost

the loss of potential gain from other alternatives when one alternative is chosen.