Unit Test

According to this W-2, how much Social Security tax was withheld from John T. Smith's income for 2012?

$2,567.45

Which form does an individual use to file taxes?

1040

Emily is deciding whether to buy the same designer jacket her friends have. The jacket is much more expensive than a similar one from a lesser-known brand. Which questions should she consider before she buys the jacket? Check all that apply.

Is advertising influencing her? What are her motivations? Has she compared prices? Is she buying at the right time?

The Smith family is deciding whether to buy a new washer or a gym membership. Which is the best example of a wise family spending decision?

The family meets to go over the budget and decide which item to buy.

Phung works as a pharmacist in Tampa, Florida. Her income is $116,200 a year.

The first $9,075 she makes each year will be taxed at 10%. Portions of Phung's income will be taxed at 10%, 15%, 25%, and 28%. After $36,000, Phung's taxable income will experience the greatest tax bracket increase.

David has $90 to spend on sneakers. The sales tax in his state is 6%. Vincent has $95 to spend on sneakers. The sales tax in his state is 9%. Both boys are interested in a pair of sneakers that costs $86. Who will be able to buy the sneakers?

Vincent

A _______ form must be filled out when someone is hired for a job to determine how much income tax will be withheld.

W-4

What is most likely Yuri's motivation behind buying the pricier pair?

conspicuous consumption

Which describes a type of tax that people pay on money they earn?

income tax

Which is a kind of federal payroll tax?

medicare tax

A budget should be based on a person's __ income.

net

If having a warranty on a car is important, a person should buy a car that is

new

Which detail is most likely to give consumers a false sense of security about using Edgozene?

our proven supplement

The best way to research an expensive product is to

read consumer information magazines.

At what point should consumers stop researching a product?

when the research costs more than the potential savings