SSEPF2 Paystub
SSEPF2 Tax Forms
SSEPF2
SSEPF5
Types of Taxes
100

What term refers to the amount you earn before deductions are taken out from your pay?

Responses

  • Net Pay
  • Gross Pay
  • Cumulative Pay
  • Year-to-Date Pay

Gross Pay

100

This form is received by January 31st detailing how much earned and how much paid in taxes for the year.

W-2

100

These type of expenses fluctuate monthly

variable

100

A tax on money earned through the sale of investments. For example, my house is valued at 60, 000. I sell it for $100,000. My profit is $40,000. I was taxed on the $40,000 I made off the sale.

Capital Gains Tax

200

“FICA” refers to _____.

Responses

  • rules regulating U.S. banks
  • what you earn after taxes are taken out
  • deductions taken by the U.S. Government
  • deductions taken by your state government

deductions taken by the U.S. Government

200

Private contractors or self-employed workers use this type of form

1099

200

Monthly rent is an example of what type of expense?

fixed

200

A consumption tax on the sale of goods and services.

Sales tax

300

Which information is NOT likely to be found on a Pay Stub?

Responses

  • employer’s address
  • earnings for the year
  • employee’s birth date
  • employee’s Social Security number

employee's birth date

300

You file your federal taxed on this form which is due in April

1040

300

This summarizes banking and business activity, comparing the bank's account balance with internal financial records.

Reconcile checking account

300

Placing this tax on land and houses is a primary source of revenue for local governments. 

Property Taxes

400

Rate = $22.00

Hours = 34

Deductions = 215.21

Based off the information, calculate the gross wages and net pay.

Gross Pay = $748

Net Pay = $532.79

400

You determine how much deductions are excluded from your check each pay period on this form

W-4

400

Assets minus liabilities equals net worth whereas is income minus expenses equals this?

Cash Flow

400

The fact that our income tax system is (which type of tax) because it imposes a lower tax rate on low-income earners than on those with a higher income.

Progressive

500

Rate = $52.00

Hours = 80

Deductions = 669.60

Based off the information, calculate the gross wages and net pay.

Gross Pay = $4,160

Net Pay = $3,490.40

500

List the 3 ways to file your taxes.

1. old fashioned paper filing

2. tax prep websites/software

3. hire a tax professional

500
  • NBA Youngboy wants to calculate his net worth before moves from Utah. He owes a balance of $650,000 in legal fees for two counts of attempted murder. His house in Utah is valued at $900,000 but his mortgage is $200,000. He has a vast car collection totaling in value of $1,000,000. He earns royalties that value $32,860. He owns a Frank Muller watch valued at $8,029, a white diamond necklace valued at $4000, and his engagement ring valued at $900,000.
  • What is his net worth? Is it positive or negative?

Net Worth = $1,494,889

positive

500

Sales and Property Taxes are examples of which tax?

Regressive

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