Financial Lit Chapter 5.1 Vocab
10 Questions
| Total Attempts: 109
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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