Financial Literacy 2.4.2 Quiz and 2.5.2 Quiz

Groceries are calculated in a budget.

Gross income minus any adjustments, deductions, and exemptions is taxable income.

Ben likes to go shopping, so every month he sets aside $200 for shopping only. This is an example of stage of life.

Married Couples typically file married filing jointly on their tax return.

Bobbi is concerned about how much she spends eating out. Therefore she should keep eating out because it is easier.

I need to know how to read a W-2 form and calculate deductions.

I don't need to know how to calculate rent and bills

Monthly costs associated with living in a home, such as rent, utilities, and bills, is an example of housing expenses.

Someone who has a high standard of living lives in an upscale neighborhood and makes 500,000.00 a year.

W-1 tax forms reports an employee's yearly wages, tips, and other compensation

When you file from a single tax return to a head of the house hold your deductions go down.