Achieve Miami + Morgan Stanley Fin. Lit. - The Basics of Taxes

Question 1

This tax form is used to determine if individuals are eligible to work:

Accepted Answer

I-9

Question 2

Helps fund citizens for retirement, profound disabilities, & children who have lost a parent

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Social Security

Question 3

Money earned from working for pay: wages & salaries from employment

Accepted Answer

Earned Income

Question 4

People who pay taxes (federal, state, county, or local levels) that live in the US.

Accepted Answer

Taxpayers

Question 5

A tax on purchased goods/services. Helps fund state & local governments. Varies by state.

Accepted Answer

Sales Tax

Question 6

Sum of money that a gov't mandates it's citizens to pay in order to support & provide services:

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Taxes

Question 7

Fund used to pay for health care for citizens that are retired, & disabled.

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Medicare

Question 8

This tax form is filled out prior to working & used to calculate how much tax is to be withheld

Accepted Answer

W-4

Question 9

Income received from sources other than employment. Ex: interest on savings/invesstments

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Unearned Income

Question 10

A type of tax on land, homes, cars, boats, etc. Helps fund schools & other expenses:

Accepted Answer

Property Tax

Question 11

Type of tax on earned income that supports the Social Security & Medicare programs

Accepted Answer

Payroll Tax

Question 12

This required tax form helps to file taxes & lists wages, taxes paid, FICA deductions

Accepted Answer

W-2

Question 13

What's the main difference between Gross vs. Net pay?

Accepted Answer

Gross pay: without deductions and taxes, Net: pay with deductions and taxes

Questions 13