Income and Taxes Review

This form is filled out as part of new-hire paperwork and determines how much tax is withheld

Training employees to be efficient in more than one skill is called ____.

Overtime is calculated as ___________

Expenses the law allows you to subtract from your adjusted gross income.

A form that reports income from dividends, interest, unemploymentand/or social security

Timeoff, insurance, bonuses and alternative work schedules are all examples of  ____.

An individual who teaches for Stafford County Public Schools is said to work in the _______

Wages, salary, tips and “other compensation” all add up to this.

Gross pay - deductions = ______________

Social Security and Medicare make up an employee’s ____ deductions.

Timeworked beyond regular work hours (most commonly over 40 hours per week) is called ____.

Examples are “single” and “head of household”

You must use this form if you plan to itemize and/or have earned over$100,000.

Which of the following deductions from an employee's paycheck is mandatory?

Which of the following is not part of taxable income?

Willful failure to pay taxes is a crime known as ____________.

A form which reports income from wages, tips and/or salary.

The right of a person hired first to be fired last is called ____.

An amount you may subtract from your income for each person who dependson your income to live.

To use this form, you must have earned less than $1500 in taxableinterest & have no dependents.

An individual who works in management for Walmart is said to work in the _____.

If a person makes a deposit of $10,000 or more into a bank account, the bank must notify who

The figure used to look up the tax you owe on the tax table is:

The property tax is an example of which type of tax?

Money paid to support a former spouse for the maintenance of a“personal lifestyle”.

The Federal Reserve System helps protect depositors and its member banks by setting

The part of the national economy that is controlled by the government.

A form of compensation which is derived from a percentage of sales.

Money, stock or other property that corporations pay to stockholders is known as

What are taxes that take a larger share of income as income grows (ex:  income tax)?

What is the form that reports income from dividends, interest, unemployment and/or ss?

Jimmy Hoffa was the leader of the most famous labor union in history known as_______.

An examination of tax returns by the IRS is called ____________.

As taxable income increases, income tax rates ______________.

Money paid to a former spouse for support of dependent children.

Money or stock that corporations pay stockholders inreturn for their investment. 

Which is NOT a major function of labor unions?

Taxes that take a smaller share of income as the amount of incomegrows.  Ex. sales tax

Use this form if you have earned less than $100,000, have dependents and don't plan to itemize.

What can you tell someone that is nervous about saving their money in the bank - so feel better

The part of the national economy that is not under direct governmentcontrol.

Listing allowable expenses on your tax return.(as opposed to taking the standard deduction)

A Corporate Attorney is an example of a _____ worker.

An Auto Mechanic is an example of a(n)____ worker

The stated amount that you may deduct from your gross income as opposedto itemizing.

Which of the following workplace trends allows flexibility for employees in work hours?