Tax Forms and Calculations
Net Income
Gross Income - Taxes
The number of mandatory taxes you have to pay if you live in Montgomery County.
5
What health insurance benefit do you need to have either through your Employer or a Private Exchange?
Medical
The two types of "EXPENSES".
Expected and Unexpected.
Discretionary Income
Net Income - Expenses
OR
Gross Income - Taxes - Expenses
Name these two taxes: varies based on where you live.
Local Tax and State Tax
What type of insurance do employers almost always offer you, free of cost?
Life Insurance
What does the abbreviation S.M.A.R.T. Goal stand for?
Specific, Measurable, Attainable, Realistic, & Time Table
A tax form you must fill out every year.
1040 Form
Name the two taxes: the percentage you are taxed is the same regardless of your income.
Medicare and Social Security
Who else can you buy life insurance for, besides yourself?
Your spouse and your child.
Which 2 of the 5 mandatory income taxes are a result of FICA?
Medicare Tax and Social Security Tax
A tax form your employer provides you every year.
Form W2
Name this tax: you are taxed at a different percentage, depending on your gross income.
Federal Income Tax
What is the name of benefits that you can elect but are not required?
Voluntary
How much $$$ of a savings account is insured by the FDIC (Federal Deposit Insurance Corporation)? $100,000, $200,000, $250,000, OR $500,000
$250,000
The form you must complete so that your employer can withhold the correct federal income tax from your pay.
Form W-4
What is the lowest tax bracket and the highest tax bracket, based on percentage?
10% and 37%
You make $100,000. How much tax do you owe? Use the tax table.
$17,400
What does FICA stand for?
Federal Insurance Contributions Act