Share Financial Literacy - Taxes
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Do property taxes come out of your paycheck
NO
What is the amount of pay called before deductions are taken out?
Gross Pay
If someone dies and passes their wealth to a nephew, the nephew would have to pay what kind of tax on the inheritance?
Estate Tax
What tax form does every new employee fill out and sign?
W-4
What day are taxes due by?
April 15th
What is the normal overtime rate of pay?
time and 1/2 normal pay
If you have a lot of tax deductions that totaled more than the standard deduction, what should you do?
Itemize your deductions
What happens to your paycheck, the more allowances you claim?
the less your employer will withhold
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
True or False: Income taxes are based purely on gross income.
False - also allowances and deductions such as health insurance
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
True or False:A person should only keep their old tax forms for 5 years, then they can throw or shred them.
False - Indefinently
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
True or False:A person should only keep their old tax forms for 5 years, then they can throw or shred them.
False - Indefinitely
What is another name for net pay?
Take home pay
A source of income that a salesperson would normally get, it is based on a percent of the total dollar amount sold during a pay period.
Commission
