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Jeopardy Tax TypesPayroll TaxDifferences Key Terms Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Double Jeopardy Pay Stub
$100 Question H1 Depending on which state you’re in, you may come across this type of tax when you buy something.
$100 Answer H1 Sales Tax
$200 Question H1 This type of tax is the main source of money for local public schools
$200 Answer H1 Property Tax
$300 Question H1 With this type of tax, everyone, regardless of income, pays the same dollar amount
$300 Answer H1 Regressive
$400 Question H1 This type of tax takes a larger percentage of income from high- income groups than from low-income groups. It is based on the concept of ability to pay.
$400 Answer H1 Progressive Tax
$500 Question H1 With this type of tax, each individual pays a fixed rate.
$500 Answer H1 Proportional Tax
$100 Question H2 Payroll taxes include these two types of taxes
$100 Answer H2 Social Security Tax and Medicare Tax
$200 Question H2 Social Security tax is also known as…
$200 Answer H2 FICA tax
$300 Question H2 The percentage of social security taken out of each of your paychecks is…
$300 Answer H2 6.2%
$400 Question H2 What percentage of Medicare tax rate is taken out of each paycheck?
$400 Answer H2 1.45%
$500 Question H2 What does social security tax provide?
$500 Answer H2 Retirement Benefits People dependent on retired workers Disabled and their dependents
$100 Question H3 What is the difference between income and taxable income?
$100 Answer H3 Income is how much you make. Taxable income is the amount you made that is being taxed on.
$200 Question H3 What is the difference between a W-2 and a W-4?
$200 Answer H3 W-2: For you. Your employer gives you this explaining how much you made in the year. W-4: For employer. Tells the employer how much to withhold from you paycheck to pay taxes
$300 Question H3 What is the difference between a standard deduction and an itemized deduction?
$300 Answer H3 Standard Deduction: Set amount taxpayers may deduct from their income. Itemized Deduction: Taxpayers choose from a list of things they can deduct from their taxes.
$400 Question H3 Making work pay credit is new to taxes this year. What is the difference with this credit when comparing people who can be claimed, and those who can’t be claimed?
$400 Answer H3 Can be = Don’t get the credit Can’t be = $400 credit
$500 Question H3 What is the difference between a deduction and a credit?
$500 Answer H3 Deduction: Takes away from your taxable income Credit: Directly reduces your tax payment
$100 Question H4 What is Gross income?
$100 Answer H4 Income before taxes
$200 Question H4 What does YTD stand for?
$200 Answer H4 Year-to-date
$300 Question H4 What is your net pay?
$300 Answer H4 Your income after taxes have been taken out
$400 Question H4 What type of tax is the largest amount taken out of your paycheck?
$400 Answer H4 Federal Tax
$500 Question H4 What are the 4 most common taxes taken out of your paycheck?
$500 Answer H4 Federal State Social Security Medicare
$100 Question from H5 Define Voluntary Compliance
$100 Answer from H5 This means that taxpayers are responsible for declaring all of their income, calculating their tax liability correctly, and filing a tax return on time.
$200 Question from H5 Define Unearned Income
$200 Answer from H5 Income from investments rather than from working
$300 Question from H5 Define Dependent
$300 Answer from H5 Someone who relies on another person for support.
$400 Question from H5 Define exemption
$400 Answer from H5 A fixed amount of money that is excused from taxes.
$500 Question from H5 Define Adjusted Gross Income
$500 Answer from H5 Is Gross income minus specific deductions…like IRA contributions, student loan interest, etc…
Daily Double Social Security
Daily Double Explain the problem with Social Security
Double Jeopardy Answer Mr. Padon will decide if it’s right or wrong
Types of Taxes.
CHAPTER 9 Withholding, Estimated Payments & Payroll Taxes Income Tax Fundamentals 2011 Gerald E. Whittenburg Martha Altus-Buller Student’s Copy 2011 Cengage.
Chapter 23 Taxes and Social SecuritySucceeding in the the World of Work 23.1 All About Taxes SECTION OPENER / CLOSER INSERT BOOK COVER ART Section 23.1.
G Personal Finance G Almost 31% of an individual’s paycheck is deducted Taxes are the largest expense most individuals will have
Taxes & Spending Payroll Deductions 4.01 – Explain taxes on income.
Where did all that money go?. Objectives: ◦ Understand payroll taxes and withholdings. ◦ Be able to analyze a paycheck stub and W-4.
Chapter © 2010 South-Western, Cengage Learning Federal Income Tax Our Tax System Filing Tax Returns 7.
Chapter 2 Net Pay.
Tax Vocabulary. Gross Pay The amount of money you earn each pay period.
Understanding your Paycheck
Taxes and Your Paycheck
Chapter 21: managing payroll and inventory
With pay and benefits comes Taxes
Lawns R Oklahoma State Department of Education.
Take Charge. Ability To Pay – a concept of tax fairness that people with different amounts of wealth or different amounts of income should pay taxes.
IF PAYCHECKS COULD TALK. Tax Forms & Deductions Net Income vs. Gross Income Gross income is the total amount a worker is paid before any required or.
Know Your Dough Lesson.
Quiz Show Financial Literacy Chapter 2 Quiz Review
Where Did My Paycheck Go?
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