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15
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What are some deductions that are typically taken out of a full time employee's paycheck?
Federal Income Tax Social Security Medicare Retirement Health Dental Vision Flex State/Local Taxes
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15
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What happens to your paycheck, the more allowances you claim?
the less your employer will withhold
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15
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What day are taxes due by?
April 15th
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15
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True or False: Income taxes are based purely on gross income.
False - also allowances and deductions such as health insurance
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15
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Do property taxes come out of your paycheck
NO
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15
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What is the normal overtime rate of pay?
time and 1/2 normal pay
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baam
Lose 5 points!
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seesaw
Swap points!
Okay!
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fairy
Take points!
5
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15
20
25
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banana
Go to last place!
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15
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Which document is sent to you at the end of the year and shows you the total amount of earnings and money withheld from your paychecks?
W-2
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15
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If you have a lot of tax deductions that totaled more than the standard deduction, what should you do?
Itemize your deductions
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trap
No points!
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magnet
Take 10 points!
Okay!
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gift
Win 10 points!
Okay!
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banana
Go to last place!
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thief
Give points!
5
10
15
20
25
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fairy
Take points!
5
10
15
20
25
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shark
Other team loses 20 points!
Okay!
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lifesaver
Give 25 points!
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15
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What is the amount of pay called before deductions are taken out?
Gross Pay
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15
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What tax form does every new employee fill out and sign?
W-4
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baam
Lose 20 points!
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seesaw
Swap points!
Okay!
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shark
Other team loses 15 points!
Okay!
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lifesaver
Give 10 points!
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15
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True or False:Everyone pays the same percentage of their income for federal income taxes.
False: based on where you fall within the tax bracket
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15
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True or False:A person should only keep their old tax forms for 5 years, then they can throw or shred them.
False - Indefinitely
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