Post H.S. Options
What is the name of the form used to file for federal financial aid?
FAFSA (Free Application for Federal Student Aid)
What is the general term for money made from working a regular job?
Earned income / active income
What form is used to determine eligibility to work in the U.S.?
the I-9 form
The type of tax we pay on everyday purchases (like food and clothing) is
What is the name of the form that we use to file taxes?
1040 tax return
What is the sticker price of a college?
The printed or published price
Pascal owns a building and allows a local business to pay him monthly to use the space. What type of income is this?
Rental income
What form, used to help file a tax return, shows the amount a worker was paid for the year and the amount of money deducted from the worker's paycheck for the year?
the W-2 form
The agency that collects federal income taxes is
the IRS
When is the deadline for individuals who are filing taxes?
April 15
The cost of college after scholarships and grants have been applied
Songwriters continue to receive payments whenever their songs are played on the radio, streamed, or used in movies and shows. What type of income is this?
Residual/royalties income
What form shows how much money a worker was paid for the current pay period and the amount deducted from the current paycheck?
Pay stub
A person who makes $1 million a year in taxable income is in the 37% marginal tax bracket, while a person who makes $10,000 a year in taxable income is in the 10% tax bracket. What method of taxation is this?
Progressive tax
$14,600
What is the difference between grants and scholarships?
Grants = need-based; scholarships = merit-based
Liana bought 10 shares of Starbucks stock for $80 each. She recently sold them at a price of $85. What type of income is this?
Capital gains income
What are the two FICA taxes?
Social Security and Medicare
Flat taxes charge the same percentage to everyone regardless of income. Another name for a flat tax is a
Proportional tax
Why does a person receive a tax refund?
They overpaid / Too much money was withheld from their paychecks over the course of the year
What is a subsidized loan?
With a subsidized loan, the gov't. pays the interest that accrues while the student is in school
Miguel's boss offers him $30/hr. for a 40-hour workweek OR a $1,500 salary. Assuming there is no overtime, which of these is the better choice? Explain.
The $1,500 salary is a better choice. ($30 x 40 = $1,200)
Juan worked 40 hours this week and was paid $20/hr. His deductions totaled $200. What were Juan's GROSS pay AND NET pay?
Gross pay: $800; Net pay: $600
What is the definition of a regressive tax?
A tax that takes a higher percentage of income from lower-income families than higher-income families
Joe's taxable income is $5,000, which is taxed at 10%. He receives a $400 tax credit. How much is his final tax bill?
$100