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Financial Literacy - week one Flashcards | StudBud

Explore/Financial Literacy - week one

Financial Literacy - week one

10 terms·StudBud Administration·92 plays

Vocabulary includes taxes and paychecks.

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Questions 10

Answers

1
Who are SocSec and IRS?
City or local tax
We don't know. What kind of name is SocSec?
State Tax
Federal tax, the two things that make up FICA
2
How long was his pay period?
2 weeks
1 month
It doesn't tell us.
1 week
3
Where do your federal income taxes go?
Your 401K
IRS
Your bank
Texas doesn't pay federal income taxes.
4
What is something that your tax money does not pay for?
roads
education
public libraries
churches, temples, synagogues
5
Texas has a state income tax.
True
False
6
Who pays property taxes?
We do not have property taxes in Texas.
The person who owns the land and lives on the land
The person living on the land
The person who owns the land
7
What is gross pay?
How much money is taken out of your paycheck.
The amount of money you earn before deductions.
That's gross. Let's not talk about it.
The amount of money you take home after deductions.
8
Who pays sales tax?
Everyone, as long as you aren't buying something expensive.
Everyone, as long as you aren't buying food or medicine.
Everyone, no matter what you are buying.
Everyone, but those who make more money pay more sales tax.
9
What is Social Security?
Housing for the elderly
Healthcare for the elderly
Income for the elderly
Food for the elderly
10
How much money will see deposited into his checking account?
$102.40
$875.00
$644.41
$35.00