Taxes
What are taxes?
A certain amount of money taken by the government to fund the nation.
What is a SMART Goal?
A set long- term goal that you work to achieve. When you make a SMART goal, your dreams are broken down and make things more achievable.
What does FICA stand for? What is it?
Federal Insurance Contributions Act.
A payroll contribution directed towards the employed and unemployed to fund Social Security and Medicare.
What goes in the first square on the registry?
The date
Since 2001, how many changes have there been to tax codes?
More than 4,500
What is State tax?
A tax taken by the state you live in.
What's the difference between a WISH and a GOAL?
A wish is a desire or hope something will happen.
A goal is a dream for the future with a deadline and purpose.
What's the difference between Sales tax and Property tax?
Sales tax is for something you do not own and are buying.
Property tax is money deducted from your account on something you do own.
What goes in the Description of Transaction box?
The place you spent the money.
How many Americans do not pay their taxes? (in percentage)
About 44%
What is Income Tax?
The tax that the government imposes on income generated on businesses and individuals in their jurisdiction.
What does SMART stand for?
Specific, Measurable, Attainable, Relevant, and Time- bound.
What is Social Security?
A government system that provides assistance with a poor or little to no income.
The difference between the debit and credit side of the registry?
The debit subtracts the amount, the credit adds.
When was the first coin minted?
When was the first paper money made?
Around 2,500 years ago the first coin was made and the first paper parchment of money was created in China over 1,000 years ago.
What is a W-4 Tax Form?
A W-4 is a form employees fill out to let their employers know how much money they can take out of their paychecks.
How does one set a SMART Goal?
1. Specify what you want, Measure how long it will take, make sure it's realistic and attainable, make sure it's relevant to what you wanna achieve, and set a time when you are going to achieve this goal.
What is the difference between Medicare and Medicaid?
Medicaid is a program that provides health care to low- income families.
Medicare is a government program that provides health care coverage.
What is the "T" box?
It tracks to see if the check has been cleared on the end of the bank statement.
How long do dollar bills usually last?
No longer than 15 years.
What is Excise Tax?
A specific amount of taxes paid on an item, material, or supply.
Is this a SMART goal?
"Reduce overtime in the department from 150 hours per month to 50 hours per month by the end of the fiscal year with no increase in incident reports."
Yes, it is very Specific, Measurable, it's Attainable, very Relevant to the topic, and Time- bound.
What is a W-2 tax form?
A form used in the United States to report wages paid to employees and taxes withheld from them.
What do you do if your card has been lost or stolen?
Immediately lock the card and call your bank. If there are transactions on the card that you did not make, report fraud.
What do the first three numbers of your social security number mean?
The first three digits of your social security number is the area number.