Sophomore Selections
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..?