Income
What is Gross Income?
the total amount of money you earn (before taxes)
When is "tax day?"
April 15
Another word for excise tax is?
Luxury tax
How many hearts does an octopus have
3
How tall is Mrs. McGee?
5'3"
What is Net Income?
the money you have left after taxes have been taken out -this is also referred to as take home pay
What percent of your paycheck goes to FICA?
7.5%
What is the Georgia state sales tax rate?
4%
what is the national animal of Scotland
a unicorn!
How many siblings does Mrs. McGee have?
3!
What are 2 types of income tax?
Federal and state
What happens if you don't take out enough taxes to begin with? (When filling out your W-4)
If you don’t take out enough to start, you will end up having to pay it later!
What state has the highest sales tax rate?
Louisiana (10.12 percent)
What is the only letter that does not appear in any U.S. state name?
Q
What is Mrs. McGee's husband's middle name?
Clifford
Your federal income tax is based on what 2 things?
W-4 and tax rates
What does FICA stand for?
Federal Insurance Contributions Act
Where do sales taxes go?
state or local governments
Which insect can survive being completely decapitated and still function for weeks?
a roach
What percent of the federal government’s income tax money is spoken for, meaning it must be spent on certain things like Medicare and Social Security?
62%
What does FICA do?
FICA helps fund both Social Security and Medicare programs, which provide benefits for retirees, the disabled, and children.
What is an example of something that may have an excise tax?
Which letter is the most commonly used in the English language?
E