Tax Forms
This form represents wages and taxes withheld by the IRS
What is a W-2
Gross income is earnings before deductions. What is income after deductions called?
What is Net Income
A measure of your financial health expressed as a number.
What is a credit score
A resource owned by an individual or entity that has cash value is called this:
What is an asset
The color that indicates a positive balance.
What is black or green
This form is completed when you start a new job to determine tax withholding.
What is a W-4
This is a fixed regular payment, while commission depends on sales.
What is Salary
A credit score of 800 typically indicates this.
What is good credit
Real estate is this type of asset.
What is tangible asset
This color indicates a negative balance
What is red
Workers who receive this form must pay estimated taxes quarterly.
What is a 1099
How is commission typically calculated?
What is a percentage of sales made
True or False: Collateral is something you give as proof of loan repayment.
What is True
Copyrights, trademarks, and patents are this type of asset.
What are intangible assets
Define income.
What is Money received in exchange for labor, goods, services, or investments
Why do we get taxed on Medicare and Social Security?
What is to fund retirement and health benefits programs
A paycheck may show bi-weekly or monthly pay. What does “bi-weekly” mean?
What is every two weeks
What is a loan?
What is A sum of money borrowed
Net worth is calculated as __ minus __.
What is assets minus liabilities
The definition of "Balance" in financial terms.
What is The amount of money in a savings/checking account at a given moment
Which occupation must do their own withholding?
What are commission-based pay workers
How often are commission-based pay employees payed?
What is for every task they complete in a month
What is an interest rate?
What is the amount charged by the lender to a borrower
In accounting, credit can also mean this.
An entry that increases liabilities or equity
Calculate: Sales = $3,000,000. Commission = 22%. Taxes = 35%. Benefits = 7%. What is the net pay?
What is $429,000 net