Random facts about Ms.Reselosa
What class do I teach besides Financial Alg?
Precalculus
What month do you get your W-2?
In January
Define dependents.
Someone who has more than 50% of their expenses paid for by someone else.
What is sales tax?
Taxes on items that you buy
Natasha spends $35 at the shoe store. How much does she pay in total after tax in NY?
$35
What was my undergraduate major?
Math Education
When is Tax Day?
April 15th
Define withholding.
How much they take out of your paycheck for taxes.
What two programs does payroll tax fund?
Social security and medicare
Kate is filling out her income tax return. Her tax for last year is $980. Her employer withheld $780 in federal taxes.
Kate owes $200
Where did I work before MCSM?
College library
What is a W-2?
Tells you how much you made at a job and how much was withheld in a year.
What is your tax liability?
How much you owe in taxes.
What is Flat tax?
when all taxable income is subject to the same tax rate, regardless of income level or assets.
What are the 6 types of taxes?
Sales, Property, Estate, Income, Corporate Income, and Social Security
In which country did I attend high school?
Japan
What do you do with form 1040?
Complete your taxes
What is adjusted gross income?
gross income minus deductions you're eligible for
What are property taxes?
Taxes on things that you own (cars, boats, etc.)
If you deposit money towards retirement it is called?
401k
What are my childhood pets? (hint: they hibernate)
Russian tortoises
Which filing status(es) use Form 1040?
Single, Married filing jointly
What is the difference between a tax credit and a tax deduction?
Tax deduction reduces your taxable income and tax credits reduce your tax liability
What is progressive tax?
tax rate based on your gross income
FICA stands for? and what is the total percentage that goes towards it?
Federal Insurance Contributions Act and its 15.3 we pay 7.65 and your employer pays 7.65