1. Taxes 100 200 300 400 500 Gov’tForms 100 200 300 400 500 Deductions

2. Taxes 100pts Income Taxes You pay on income you receive Varies on financial and family situation You are responsible for calculating!

3. Taxes 200 pts Gross Income Income before taxes

4. Taxes 300 pts Direct Taxes Federal Income taxes Property taxes

5. Taxes 400 pts Indirect Taxes Someone else pays Businesses – sales taxes

6. Taxes 500 pts Payroll Taxes Based on earnings Paid to government by you and employer

7. Gov’t 100 pts Progressive Taxes Federal income tax is an example of

8. Gov’t 200 pts Regressive Taxes Sales Tax is an example of

9. Gov’t 300 pts Proportional Taxes Same share of all people’s income

10. Gov’t 400 pts FICA This Act mandates the amount of $ withheld from your check

11. Gov’t 500 pts Withholding Money taken from paycheck and paid to the state or federal government

12. Forms 100 pts W4 Form that the employer uses to know what the withholding allowance will be for each employee You are responsible for proper withholdings

13. Forms 200 pts W2 Amount of your tax withheld can be found on here Employer must send you the form by Jan 31 st for the previous year

14. Forms 300 pts 1099 INT Interest Income Form

15. Forms 400 pts 1040-EZ Form you use if your taxable income is less than $100,000

16. Forms 500 pts less If you claim zero, you will get ___________ in your take home pay

17. Deductions 100 pts 4.2% Social Security Tax can be ____% of your income

18. Deductions 200 pts 1.45% Medicare can be ____% of your income

19. Deductions 300 pts Withholding too much can result in a ________ REFUND

20. Deductions 400 pts You paying the gov’t Withholding too little can result in a ________

21. Deductions 500 pts Number that reduces the amount of money withheld from your pay Allowances