Income and Taxes
What is the money you earn called before any deductions?
What is gross income?
What is the formula to calculate net income?
What is gross income minus deductions?
What does Social Security provide to eligible individuals?
What is financial assistance for retirees and disabled persons?
What is Medicare primarily designed to provide?
What is health insurance for people age 65 and older?
Which level of government typically collects income taxes?
What is the federal government?
If your gross income is $800 and $100 is taken out for taxes, how much do you take home?
What is $700?
At what age can individuals typically start receiving Social Security benefits?
What is age 62?
What is one service covered by Medicare?
What are hospital stays?
What is the tax that most workers pay to fund government programs?
What is income tax?
Why is it important to know your net income?
What is for budgeting and financial planning?
What percentage of your income goes to Social Security?
What is 6.2%?
How is Medicare funded?
What is through payroll taxes?
What is one reason why taxes are important for a government?
What is to fund public services?
This is the amount of money you may be taxed from your gross income, and it varies depending on how much you earn.
What are income taxes?
What is one benefit of Social Security?
What helps to reduce poverty among the elderly?
What is the age at which most people qualify for Medicare?
What is age 65?
What do you call the amount of income left after taxes have been deducted?
What is net income?
What type of income includes wages, salaries, and bonuses?
What is earned income?
What is the difference between Social Security and regular taxes?
What is Social Security specifically for retirement and disability benefits?
What is the difference between Medicare Part A and Part B?
What is Part A covers hospital insurance, while Part B covers medical insurance?