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Business Math- Taxes Flashcards | StudBud
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Business Math- Taxes
Business Math- Taxes
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Basic knowledge and vocabulary terms relating to taxes for a highschool Business Math class.
Flashcards
10 cards
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Questions
10
Answers
1
What does FIT stand for?
Freedom Income Tax
Federal Instant Tax
Federal Income Tax
Federal Income Tests
2
What does SIT stand for?
Simple Internet Transition
State Income Tax
System Integration Test
Stress Inoculation Training
3
What is medicare?
retiree insurance
another word for health insurance
obamacare
federal health insurance for people 65 or older
4
What is the allowance amount for a single person?
$64.01
$21.00
$63.46
$43.13
5
What are exemptions?
immunity from paying taxes
circumstances that add to taxable income
freedom from imposed requirements
circumstances that allow deductions from taxable income
6
How do you find the social security tax?
gross pay x medicare tax
gross pay x commision rate
gross pay x tax rate
gross pay x net pay
7
What is gross pay?
pay before taxes
what you pay when you are gross
Net pay- taxes
a dirty paycheck
8
How do you find your amount of taxable income?
Net pay + gross pay
Allowance amount + gross pay
Net pay - gross pay
Gross pay - allowance amount
9
What is net pay?
money you get before taxes
money you get after taxes
When you get your paycheck in a net
health insurance
10
What is graduated income tax?
A taxing mechanism where taxes increases as income increases
Lower tax rates
Higher tax rates
Progressive tax
