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MORE TAXES
Expenses
Uncle Sam
Uncle Sam II
Anything goes!
100
A plan for saving and spending.
What is a budget?
100
These expenses do not typically change.
What are fixed expenses?
100
Gross pay minus deductions.
What is net pay?
100
The amount that can be subtracted from your income for each person you financially support.
What is an exemption?
100
Your marginal tax rate is based on this.
What is how much you earn?
200
This is the money you have left after taxes and other mandatory deductions.
What is disposable income?
200
a student loan payment is an example of this kind of expense.
What is a fixed expense?
200
What kind of tax do BOTH you and your employer pay?
What is FICA tax (SS and Medicare)?
200
This form determines how much tax will be taken out of your paycheck.
What is a W-4?
200
Participating in a Cafeteria Plan would be an example of this...
What is a tax strategy?
300
An examination of your taxes by the IRS.
What is an audit?
300
Entertainment, clothing and meals are examples of this kind of expense.
What are variable expenses?
300
If too few taxes were deducted from your pay during the year, this will occur.
What is owe taxes.
300
Someone who lives in your household you who financially support.
What is a dependent?
300
This means that you are wealthy.
What is assets outweigh your liabilities? or What is a positive net worth?
400
Tax that increases in proportion to your income is called this...
What is progressive tax?
400
This kind of expense can be altered in the short-term.
What are variable expenses?
400
Single or married would be how you would respond to this question on your taxes.
What is filing status?
400
This is the simplest Federal tax return form.
What is the 1040EZ?
400
This is the name for setting aside money for saving as if it were a fixed expense. It's a great strategy for reaching financial goals.
What is "Paying Yourself First"?
500
Which two road blocks do you have the least control?
What are taxes and inflation?
500
An example of an expense you may reduce in order to increase your savings.
What is a variable expense such as clothing, entertainment, etc?
500
The amount on which you pay income taxes.
What is your taxable income?
500
You will receive this from your employer in January in order to prepare your taxes.
What is a W-2?
500
This is a roadblock (as discussed in class) that could be a roadblock to financial success.
What is taxes, inflation, not setting goals, procrastination, etc?