vocabulary
What must you file online or in the mail each year when you work?
file taxes
Money the government takes to run programs
Taxes
Tax taken out of your pay check for money you make
Income Tax
To make a plan with your money after examining your spending habits
Budget
How is a resume helpful in getting a job?
acceptable answers
Someone you take care of financially - a human
Dependant
What does IRS stand for?
Internal Revenue Service
Tax on land or home you own
Property tax
An expense that is due the same time each month on the same day of the month
Fixed expense
Give an example
Why is it important to feel good about yourself for who you are?
Acceptable answers
When you hide money earned so you don't have to pay taxes
Tax evasion
Tax on things you purchase
Sales tax
Deadline for filing your tax return
April 15
Need vs want and example of each
Acceptable answer
Name two things an income tax return shows
How much you earned working
How much you owe or get back from the IRS
W-4
tax form to show how much is withdrawn from you pay
filed before you start working
Taxes paid to the IRS go into what US department?
US Treasury
Social Security exists as a result of what?
FICA
Explain this: "Do not live beyond your means"
Do not spend more than you make
Name at least 4 important things to put on a resume
Name, phone number, email address, education, work experience
Gross Earnings vs net earnings
Which is which?
Gross - earnings before taxes
Net after taxes taken out
When the IRS looks at your tax return and says there is something wrong - this is called a what?
Audit
FICA stands for what?
Federal Insurance Contribution Act
Name 3 things you must do to budget your money
Keep track of expenses
pay bills on time
save receipts
be realistic about income and expenses
How is sales tax calculated
Percentage of the price of an item