Multiple Choice
____________ is an employer-sponsored retirement plan.
a. Medicare
b. 401(k)
c. Social Security
d. Tax Credit
b. 401(k)
All of the income an individual receives in a year
What is gross income?
What are two examples of government programs that provide insurance against loss of income and benefits to eligible recipients.
What is social security and medicare?
An employer-sponsored retirement plan
What is 401(k)?
What is the name of the dessert eaten for Mardi Gras?
The King Cake
What form is an Employee's Withholding Allowance Certificate?
a. W-4
b. 1099-INT
c. W-2
d. 1040
a. W-4
The amount of federal tax on earnings imposed by the IRS based on tax tables.
What is federal income tax?
What is the difference between an expense that is tax deductible and one that is not?
Tax deductible-home loan interest and charitable donations
Not deductible-food, gas, and clothing(everyday expenditures)
A negative cash flow, or spending more money than is coming in
What is a deficit?
What are the colors of Mardi Gras?
Purple, Green, and Gold
Tax liability refers to what?
a. Employment eligibility verification
b. payroll deductions
c. Amount of taxes owed
d. Social Security
c. Amount of taxes owed
An attachment to an individual's paycheck that shows the amount earned and details the payroll deductions
What is a pay stub?
What is the difference between gross, net, and taxable income?
Gross income refers to all of the income an individual receives in a year.
Taxable income, also known as net income, represents the amount of money that your tax calculations are based on.
The amount of federal tax on earnings imposed by the IRS based on tax tables
What is federal income tax?
Where are the largest Mardi Gras festivities held?
New Orleans
At what age is a person eligible for full retirement benefits through Social Security?
a. 55
b. 67
c. 69
d. 57
b. 67
A form that reports an employee's annual wages and the amount of taxes withheld from paychecks
What is form W-2?
What circumstances make it prudent to adjust the income tax withholding allowance?
Major life events
Tax on an individual's net income
What is income tax?
What is the name of the ball held every year in New Orleans for Mardi Gras?
The Zulu Ball
What is the term for a health insurance program for low-income individuals and people with limited resources?
a. Social security
b. Medicare
c. Disability
d. Medicaid
d. Medicaid
A lengthy income tax form for persons with a taxable income greater than $100,000.
What is form 1040?
What items should you review when analyzing a pay stub?
*make sure that the employer and employee information is correct
*Verify the calculation of your gross pay
*Double check all of your payroll deductions
*Check that the marital status and withholding allowance information is correct
Tax applied to personal property
What is property tax?
Mardi Gras is state holiday. True or false
True, Mardi Gras is an official state holiday in Louisiana and has been since 1875.