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Vocab 1
Taxes 1
Tax Calculations
Paycheck
Vocab 2
100

What's the difference between a need and a want?

A need is things you can’t live without because you use them for school, personal care, or to stay alive while a want is a non-essential extra that improves your comfort or lifestyle, but is not required to live. 

100
Where does the money come from for our roads, military, and public schools?

Taxes!!!!!!!

100

What is Marcus's Gross Monthly Income?

$861.25

100

What was the amount deducted for Social Security on THIS PAYCHECK?

$150.00

100

What is money received for work or through investments?

Income

200

What are the ideals that are important to you and your career choice?

Values

200

What are the three main taxes we've discussed in class?

Sales Tax, Income Tax, Property Tax

200

How much is deducted from Marcus's paycheck for Local Tax?

86 cents

200

What are the total deductions from both the whole year and this month?

Year - $10,694.00; Month - $1,172.83

200

What are the things you like and enjoy doing?

Interests

300

What are the things you do well called?

Abilities

300

How old do you have to be to start receiving social security?

No particular age as there are exceptions for those who are sick, too disabled to work, and to families of workers who have passed away.

300
How much id deducted from Marcus's paycheck for social security?

$53.40

300

What is this person's NMI?

NMI - $1,172.83

300

What are your natural talents called?

Aptitudes

400

What are sales tax?

Adds an extra cost to nearly everything we buy, however, some items are not taxed.  

400

What's the difference between social security and medicare?

  • Social Security is a monthly cash payment you can spend on anything
  • Medicare is health insurance that pays your medical and hospital bills.
400

What is Marcus's Total Monthly Deductions

$187.33

400

What is this person's GAI (so far) and GMI?

GAI (so far) - $42,054.00; GMI - $4,954.00

400

What is income tax?

A tax on earnings from wages, salaries, tips, interest, rents, and capital gains and dividends from stocks.

500

What are career clusters?

A grouping of jobs and industries related by skills or products.

500

In what order do you fill out/receive tax forms called the 1040, W-4, and W-2?

The W-4 then W-2 then Form 1040.

500

What is Marcus's Net Monthly Income?

$673.92

500

How much did this person get taxed on Medicare for this paycheck?

$71.83

500

What is human capital?

All of the knowledge, skills, education, experience and social qualities that increase a person’s economic value.