THE COURSE
W4/W2
Social Security
Medicare
All About Taxes
100
A plastic Card that is linked to your checking and/ or savings account.
What is a debit card
100
The time when the employee fills out the w4
What is the beginning of a new job
100
refers to the federal Old-Age, Survivors, and Disability Insurance (OASDI) program.
What is Social Security
100
a social insurance program administered by the United States government, providing health insurance coverage to people who are aged 65 and over
What is medicare
100

a sum of money demanded by a government for its support or for specific facilities or services, levied upon incomes, property, sales

What are taxes

200
a plastic card that allows you to borrow money continuously
What is credit card
200

The date by which the w2 must be filed by the employee in order to collect tax returns

What is April 15th

200

three items that social security pays for

Retirement
Disability
Survivor Benefits

200
the length of time you must be a resident in order to receive benefits
What is 5 years
200

What type of tax system is used in the US? A regressive, progressive, or flat tax?

What is progressive tax

300

Another name for a rainy day savings plan

Emergency Savings

300

The Date by which the employer must mail the employee the w2 form

Jan 31st

300
Social Security is Supported by what form of taxes
What are payroll taxes
300
Medicare is spported by
What are Payroll Taxes
300
IRS
What is the Internal Revenue Service
400
define asset and liability
What is asset: Any item of economic value owned by an individual or corporation, especially that which could be converted to cash. liability: An obligation that legally binds an individual or company to settle a debt.
400
The person that files the w2
What is the employer
400
The Name of the specific tax that supports Social Security
What is FICA
400
the age you must reach to be eligible for medicare
What is 65 years old
400

Withholding future tax refunds to offset outstanding tax debts from previous years.

What are the penalties for not paying taxes

500
Define a Share
What is a portion of a public company sold that gives the purchaser partial ownership.
500
the person that files the w4
What is the employee
500
The total percentage of taxes that go towards Social Security per from both employee and employer.
What is 12.4%
500
The total percentage of wages and salaries that each worker pays toward medicare
What is 2.9%
500
FICA (what does it do)
What is the Federal Insurance Contributions Act. It provoides taxes for Social Security and Medicare
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