Financial Literacy Chapter 7 Taxes

Which of the following is NOT an entitlement program?

Unearned income includes all of the following except

T/F Spending on education is one of the top three items in the federal budget

A detailed examination of your taxes by the IRS is called

What is the federal government's program that pays for health care expenses for older citizens?

Net income is gross income minus

T/F  Fica is a type of payroll deduction

Does your financial need determine amount of social security benefits or disability benefits?

Which records might you need for tax purposes

A regressive tax

An illegal way of reducing taxes by falisifying documents

The government's program for providing income when earnings are stopped due to retirement

An expense that can be subtracted from taxable income is a

an expense that can be subtracted from taxable income is __________________

Must income tax returns be filed in person at the nearest IRS office?

T/F Interest on fderal debt is a mandatory expense on the federal budget.

Can you claim yourself as an allowance on your FORM W-4?

Taxes levied by federal and state govt on the sale of luxury items, cigarettes, and alcohol

Payment for work expressed as an annual figure

Income paid as a percentage of sales is

T/F  Social security is a voluntary program paid for by employers.

T/F Fairness is a key aim to most tax reform proposals

Are tax rates and deducations and exemptions the same each year?

A payment in exchange for an employees labor or services is a ____________________

Which of the follow determines the amount of tax withheld from your paycheck

T/F  Gross income is also called "Take home pay"

Do social security payments start automatically when you retire?

Does the amount of tax withheld depend on number of allowances claimed?

The lowest hourly wage employers can pay most workers by law

In addition to paying for government operations, taxes may also be used for