Financial Lit Chapter 5.1 Vocab

10 Questions | Total Attempts: 109

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Language Quizzes & Trivia

Vocabulary quiz on words dealing with taxes and your paycheck


Questions and Answers
  • 1. 
    A share of workers' earnings paid to the government by workers and their employers is called
    • A. 

      A payroll tax

    • B. 

      An income tax

    • C. 

      FICA

  • 2. 
    This tax you pay on income you receive is called
    • A. 

      A payroll tax

    • B. 

      An income tax

    • C. 

      FICA

  • 3. 
    The law that requires workers and their employers to contribute to Social Security and Medicare is
    • A. 

      The Federal Insurance Contributions Act

    • B. 

      The Federal Insurance Constitution Act

    • C. 

      The Federal Isurance Congratulations Act

  • 4. 
    Employer deductions from employee's earnings to pay employees' taxes are called
    • A. 

      Allowances

    • B. 

      Net income

    • C. 

      Withholdings

  • 5. 
    The amount you earn before taxes are withheld is called
    • A. 

      Withholding

    • B. 

      Gross income

    • C. 

      Net income

  • 6. 
    The amount of pay you receive after withholdings are subtracted is called
    • A. 

      Withholding

    • B. 

      Gross income

    • C. 

      Net income

  • 7. 
    The form that provides information to your employer to determine the proper amount of taxes to withhold from your paycheck is called
    • A. 

      Form W-2

    • B. 

      Form W-4

    • C. 

      Form 1040EZ

  • 8. 
    The federal agency that collects income taxes is called
    • A. 

      Internal Registrars Service

    • B. 

      Internal Refund Service

    • C. 

      Internal Revenue Service

  • 9. 
    A number that reduces the amount of tax withheld from your pay is called
    • A. 

      A deduction

    • B. 

      An allowance

    • C. 

      Subtraction

  • 10. 
    The two insurances you contribute to under FICA are
    • A. 

      Social security and medicare

    • B. 

      Social security and dental

    • C. 

      Medicare and dental

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