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W!SE TAXES Flashcards | StudBud
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W!SE TAXES
W!SE TAXES
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1
I receive $150 a week in gross income, earn $100 in tips,combined pre-tax is $13,000, known as?
adjusted gross income
net income
gross income
taxable income
2
I get $150 a week 4 gross income &100 tips a week. Deductions get me to $11,050. This is my?
Gross income
Adjusted gross income
Net income
Taxable income
3
Another term for the dollar amount of your paycheck after taxes and other withholding is?
Adjusted gross income
Discretionary income
Gross income
Net income
4
Excise tax= 5% of car's value over $38,000. Excise tax is $350. Government gets ? excise tax?
$68,000
$1,225
$84,000
$74,000
5
The relationship between a person's education level and that person's potential earning power?
Professinal person is likely to earn 4x as much per year
A higher edu. level affects the earnings for 40 year olds.
A higher education level decreases potential earnings power
Education has no effect on people's potential earning power
6
When money is not used and goods and services are exchanged for other goods, this is called?
Credit
Barter
Checks
Money
7
Tax- exempt income is?
Income that is not subject to tax
None of the above
Income that will be taxed at a later date
Income that you invest
8
Which of the statements is usually true about individuals who are financially literate?
They always choose stocks and bonds that increase in value
They get the basics of personal finance and money management
They achieve all of their financial goals
They have a high debt and low savings
9
The amount you earn before taxes are withheld is your?
paycheck
net income
none of the above
gross income
10
Primary income 4 people between ages 20-35 who are not living on pension or social security are
Dividends and interest
Salaries, wages, and tips
Rents
Profits from business
11
Property tax increased by 5%. Last year I paid $1,200 in property tax. How much will this year?
$1,240
$1,235
$1,260
$1,225
12
When deciding between two job offers with a similar salary offer, you should first consider..?
Reputation of the organization
Travel time and size of organization
Tuition reimbursement and bonus potential
Retirement and health plans
13
Tax- deferred income is?
Income that will be taxed at a later date
income that has had all its fur removed
Income that is not subject to tax
None of the above
14
Estate tax is a ..?
tax on the value of a person's property at a time of death
tax on money withdrawn from a retirement acccount
none of the above
tax on capitol gains from selling a house
15
The form will you complete that will provide a new employer with the information for a job.
form 1040
W-2
allowance form
W-4
16
John pays 4% -state sales tax and 2% - local sales tax. Sales tax for $129.00-DVD player?
$7.74
$6.29
$8.01
$4.42
