Taxes
What is the difference between Gross and Net pay?
Gross is the total before deductions
Net is after deductions (what you take home)
What are our 5 basic needs?
Food, Water, Shelter, Clothing and Air
What does YTD stand for and what does it mean
Year-to-date
It means from January 1st to today's date
What does YTD stand for and mean?
Year-to-date, and it means from the start of the year until now
What galaxy does Earth belong to?
Milky Way
Name a state that pays no Income Tax
Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming
What is something that is a need in our area that is not everywhere in the world?
Internet/ Computer
Transportation (Cars)
Phone
What is the difference between a Variable expense and a fixed expense. Give me 1 example of each
Fixed- recurring and a constant price (Rent)
Variable- Changes date and amount (Groceries)
What type of expense is fixing your car because a tree fell on it
Whammy Expense
How many Bones does a shark have? (Extra Credit: How many bones are there in the human body)
Zero (206)
Name a deduction that is taken out of your paycheck that is not taxes
Retirement
Medical benefits/ Dental
Insurance (Life, health etc)
Name something that is a Public Need
Hospitals
Schools
Police, Firefighters etc
Roads
What is a dependent
A person who lives with you and for whom you pay more than half of his or her living expenses.
What tax does our federal government make the most revenue on?
Income Tax
In which city was the Declaration of Independence signed?
Philadelphia, Pennsylvania
Name the 3 ways a person can file their taxes and a pro and con of each
By Paper (1040 Form): Free but can make mistakes and time consuming
Online App (TurboTax): Easy and helpful but cost money
Accountant: Easiest and most likely will save you the most money but the most costly
Explain what the 50, 30, 20 budget is
50% for needs, 30% for wants, 20% for savings
What date do you need to file your tax returns by?
April 15th
Name the 2 of the top 4 things our government uses our tax money on each year
1. Health
2. Social Security
3. Defense
4. Interest on Debt
Which metal is found the most at the center of the Earth?
Iron
What does the standard deduction mean?
A dollar amount that non-itemizers may subtract from their income before income tax is applied
When budgeting for a car, name 3 things you need to budget for other than the cost of the car
Maintenance
Gas
Insurance
Registration
Social Security and Medicare are two types of taxes we are required to pay. What is the 4 letter term we used to describe these taxes
FICA (Federal Insurance Contributions Act)
What is the difference between a W-2 form and a W-4 form?
W-2 is a form sent to you by your employer that is used for taxes and shows your taxes withheld
W-4 is a form you fill out your first day of work that shows how much money you want withheld for taxes
Name the 5 Great Lakes
Huron, Ontario, Michigan, Erie, Superior