4-1 Sources of Income
Money an individual or business earns or receives as the result of economic activity.
What is Income?
What is the primary source of income for governments?
What is taxes?
What is another term for total earnings?
What is Gross pay?
What should you do if you need more time to file your tax return?
What is File for an extension?
The process of reinvesting earnings to generate more earnings over time.
What is Compounding?
What type of income is a commission?
What is Earned Income?
What type of tax is applied to the income generated by an individual or business?
What is Income tax?
What percentage of an employee's earnings is currently withheld for Social Security tax?
What is 6.2%?
Which form is used by employers to report an employee's annual compensation and tax-related withholding amounts
What is a Form W-2?
The idea that money available today is worth more than the same amount of money available in the future.
What is the Time Value of Money
Which form of income is primarily received from government programs?
What are Transfer Payments?
Which type of tax is collected at the point of sale?
What is Sales tax?
What amount is deducted from earnings for Medicare tax on the first $200,000 of income?
What is 1.45%?
What is the deadline for employers to deliver Form W-2 to employees?
What is January 31st?
The value of an asset at a specified date in the future.
What is Future Value?
If a person earns a salary of $75,000 per year and is paid semi-monthly, how much is paid each pay period?
What is $3,125?
What does FICA stand for?
What is Federal Insurance Contributions Act ?
What tax is withheld at a rate of 6.20%?
What is Social Security tax?
Which filing status is used by single individuals who support a dependent and pay more than half the cost of keeping up a home?
What is Head of Household?
The percentage gain or loss on an investment over a specified period without adjusting for inflation.
What is Nominal Rate?
How is overtime pay calculated according to the Fair Labor Standards Act (FLSA)?
What is 50% more or time and 1/2?
Which tax is assessed using a progressive system in the United States?
What is Income Tax?
What information does a pay stub typically include?
What are Total earnings, deductions, and net pay ?
A direct reduction in the amount of taxes owed by a taxpayer
What is a tax credit?
The value of the next best alternative that is forgone when a decision is made to choose one option over another.
What is Opportunity Cost?