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Understanding Taxes Flashcards | StudBud

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Understanding Taxes

10 terms·StudBud Administration·4 plays

Delve into the world of financial literacy and learn about withholding tax, deductions, and the purpose of taxes in funding essential services like national defense.

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Questions 10

Answers

1
A portion of taxes we pay fund the defense of our nation
False
True
2
Why do we have to pay so much in taxes?
none of the above
to build credit
To fund things that benefit the public
to save money for the future
3
What is the purpose of disability insurance?
protects you from high medical costs
replaces a portion of your check if you are sick/injured
none of the above
helps you pay for costs related to oral health
4
Gross income is what you take home after deductions.
True
False
5
When can you file a joint tax return?
when you get married
when you have children
never
when your single
6
What is withholding tax?
money deducted for health insurance
Money deducted to pay the government
money deducted from a 401k
money received every paycheck
7
Which form decides how much is withheld from your paycheck?
W-6
W-4
W-2
1098-T
8
Which of the following is not funded by taxes?
health care
roads
fast food restaurants
education
9
What is vesting?
keeping the money your employer matched when leaving your job
investing money in the stock market
empty money from your 401k
closing out your 401k
10
Less money is withheld from your paychecks when you have dependents
False
True