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Earned Income
EE Benefits
Unearned Income
Taxes
Miscellaneous
100
The lowest pay rate allowed by law for each hour of work.
What is Minimum Wage
100
Forms of pay other than salary or wages.
What is BENEFITS.
100
Money received from sources OTHER THAN working in a job, either for yourself or for someone else.
What is UNEARNED INCOME.
100
Required payment for the support of a government.
What is a Tax
100
This insurance plan is State regulated and administered. It pays medical and disability benefits to workers who are injured or contract diseases on the job.
What is WORKERS COMPENSATION INSURANCE
200
By law, pay for hours worked above 40 hours in a week.
What is Overtime Pay
200
A benefit plan that allows workers to choose from a number of options.
What is a CAFETERIA PLAN.
200
Money shared with stockholders when a corporation makes profits.
What is a DIVIDEND
200
These taxes are charged on the purchase of specific goods, such as motor fuel, cigarettes, and alcohol, phone service, utilities, and garbage collection. They help pay for the cost of government goods and services. Luxury taxes is a special type of this tax.
What is EXCISE TAX
200
This form is used to report taxable income a worker received during the calendar year, and is required to prepare an income tax return.
What is FORM W-2
300
This is a type of wage that is set, without overtime pay, for work that is self-directed, with little supervision. Managers and supervisors as typically paid this type of wage.
What is Salary
300
This refers to the money a person has available to spend or save after taxes have been paid.
What is DISPOSABLE INCOME
300
Money and benefits received from local, state, or federal governments. Medicaid, Veteran's Benefits, Supplemental Security Income, Medicare, Unemployment Compensation and Worker's Compensation are examples.
What is TRANSFER PAYMENTS.
300
True or False: Taxpayers benefit directly from some taxes they pay (Social Security tax) and indirectly from others (income tax).
What is TRUE.
300
The simplest most basic and straight forward one page form used by single and joint tax filers with no dependents regarding federal taxes.
What is FORM 1040EZ
400
Money, often a percentage of the total bill, or a gift given to a person for performing a service.
What is a TIP.
400
Refers to times when an employee who is not working will be paid. Vacations, holidays, and sick leave are examples.
What is PAY WITHOUT WORK.
400
Payments such as food stamps, rent subsidies and vouchers that can be exchanged for goods and services are called these.
What are IN KIND TRANSFER PAYMENTS.
400
True or False: Lower taxes result in lower disposable income. Higher taxes result in higher disposable income.
What is FALSE
400
Health insurance, Life insurance, Disability Insurance, Dental Insurance, Vision Insurance, Long term care insurance, Savings Plans, Retirement Plans, Health Flexible spending plans, and stock purchasing plans are all considers these types of deductions from employees paycheck.
What is OPTIONAL Deductions.
500
A set fee or a percentage of a sale paid to a salesperson instead of or in addition to salary of wages.
What is a COMMISSION.
500
Thanksgiving, Christmas Day, Easter, Labor Day, Memorial Day, Veterans Day, and President's Day are examples of this form of Pay Without Work.
What is Paid Holidays.
500
Transfer payments in the form of a check, debit card, or other direct payment are called these.
What are IN-CASH Transfer Payments
500
What Form allows employees to claim allowances against federal tax withholdings through their employer and also ask for additional dollars withheld from their employee paycheck.
What is Form W-4
500
Form 1099-INT is sent to individuals by the bank or other institution that pays this...
What is INTEREST INCOME