Tax Unit Study Guide for YTP 12 Semester 2 Final Exam.

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Presentation transcript:

Tax Unit Study Guide for YTP 12 Semester 2 Final Exam

ABCD

Row 1, Col 1 Extra pay in addition to the workers regular pay What is a bonus?

1,2 The money an employee receives for doing a job. What is a wage?

1,3 A form that tells your employer how much money to withhold from your paycheck for taxes What is a W-4?

1,4 The money an employee receives for doing a job What is Earned Income?

2,1 Take home pay What is Net Pay?

2,2 When employees are paid a set amount of money for each piece of work completed What is Piece Work?

2,3 A form that states how much money you earned and how much your employer withheld for taxes What is a W-2?

2,4 Health insurance benefits for people over age 65 What is Medicare?

3,1 The total amount of money an employee earned before deductions are subtracted What is a Gross Pay?

3,2 Usually 1 ½ to 2 time the worker’s regular hourly pay What is a Overtime Pay?

3,3 A fixed amount of money excused from taxes What is an Exemption?

3,4 The name for Social Security tax withheld from employee’s paycheck What is FICA?

4,1 A percent of the money taken from the sale to pay the sales person What is a Commission?

4,2 A small amount of money given by customers to service related workers in return for service What is a Tip?

4,3 A tax on the value of real estate a person owns What is Property Tax?

4,4 The tax form that is often used by single people who earn less than $50,000 during the year What is a 1040EZ Form?

5,1 The lowest hourly rate of pay that most employees must receive What is Minimum Wage?

5,2 An expense that you are allowed to subtract from your income What is a Deduction?

5,3 A tax on goods and services you pay when you purchase the merchandise/item What is a Sales Tax?

5,4 The date all income tax returns must be filed by. What is April 15?