FICA
The age in which you can begin collecting social security.
What is 65 years old?
Claiming ______ will take the MOST taxes out of your paycheck from week to week.
What is 0 (zero)?
The filing status that offers the highest standard deduction when filing taxes.
What is married, filing jointly?
Maintenance for highways and roads are paid for by _________________ _______________.
What are State Taxes?
A person that files as Head of Household and living in NYS, has a standard deduction of $______.
What is $11,200?
Retirees/elderly, permanently disabled, surviving children/spouses of people who are retired/disabled will receive financial benefits for daily living expenses from __________ _____________ taxes.
What is social security?
If you work a full time job, and two part time jobs over the course of the year, you will expect ____ W-2's in the mail from your employer before it's time to file your taxes.
What is three?
A person that is married and makes $1347 per week and claims 0, they will have $___ deducted from their weekly paycheck.
What is $114?
Unemployment and interest on national debt is paid for by __________ _________.
What are Federal Taxes?
A person that lives in the United States and files federal taxes as Single, making $56,000 annually has a taxable income of $______________.
What is $39,100?
Hugo makes $103,000 annually. He will pay $_____ in medicare taxes this year.
What is $1493.50?
A _____ - Form is a form you must fill out that will tell your employer how many allowances you wish to claim and how much to take out of each paycheck.
What is a W-4?
A person that is single, making $580 per week and claims 2 will have $___ withheld from their weekly paycheck.
What is $31?
Pensions for retired workers are funded by ______ ___________.
What is State Taxes?
A person that lives in NYS and files NYS taxes, filing as Single makes $43,200 annually. They would fall in the tax bracket that states "$______ + ____% of the amount over $________"
What is "$600 + 5.85% of the amount over $13,900"?
Rico makes $200,000 annually. He will pay $______ for social security this year.
What is $10,918.20?
If Elaina's W-2 reported that she paid $6,340 in Federal Income Tax for the year, but her tax return states she should have paid $7,400. She will owe/receive a check for $______.
What is she will owe $1060?
Marley works at Paychex and makes $60,000 and files married with 5 withholding allowances. Yung also works at Paychex and makes the same annual income and files single with 0 withholding allowances. ______ has more deducted from their weekly paycheck.
(he files single, 0 so he must have more deducted for taxes from his weekly paycheck, despite making the same amount as Marley)
Wilson notices that Alaska does not have state tax so he is interest in moving there to avoid paying. He does some research and finds out that states without state tax generate revenue to pay for state-related needs from ___________, __________, and ________. (points given for 2 of the 3 answers)
What is sales tax, property tax, excise tax?
*FYI:
A person that lives in the US files federal taxes as head of Household and has an annual income of $85,000. The total Federal Taxes this person owes for the year is $________.
What is $8,301?
Shonali makes $125,000 annually. She will owe a $_____ for social security taxes and $_____ for medicare taxes this year.
What is $7,750 Social Security Taxes and $1812.50 Medicare Taxes?
Frankie makes $178,500 annually. She will be taxed on (a) $__________ of her income by Social Security and (b) $__________ of her income by Medicare.
What is (a) $176,100 by Social Security and (b) $178,500 by Medicare?
(a) always taxed on just the first $176,100 for SS and (b) always taxed on entire income for Medicare.
To file as head of household, you must meet 3 criteria: (1) _____, (2) _____, and (3)______.
What is (1) you must be single/unmarried, (2) you must pay more than half of the living expenses, and (3) you must have a qualifying child living with you for 6+ months?
The amount of your income that the government can make you pay taxes on.
What is Taxable Income?
A couple that lives in NYS and files NYS taxes as Married, Filing Jointly has a taxable income of $110,000. This couple would owe $________ total NYS taxes for the year.
What is $5065.93?