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Business Accounting and Bookkeeping

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Aniya Konopelski

Lvl 10
โˆ™ 2021-10-16 18:34:08
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Cards in this guide (20)
What does HMO stand for

Health Maintenance Organization

HMO stands for Health Maintance Organization. Basically an HMO lets you go to a small group of doctors and hospitals. But, if you go anywhere else you have NO COVERAGE.

What are exemptions

they are amount of money that taxpayers claim for themselves, spouses, and any eligible dependents that will reduce their taxable income.

this is for a+ robert was here:p

Which of these is the best description of an assessment
Which of the following is a description of withholding

it is the amount employers subtract from an employee's check each pay period.

What is a deduction on an income tax form

a dollar amount that reduces the amount of taxable income...

How much money is taken in federal taxes for every thousand you make

Your employer would be able to give you the percentage amount that would be withheld from your pay for the total of all taxes on the 1000 amount.

Social security, medicare, federal income taxes, state income taxes, local income taxes, etc.

Which of these is the best definition of gross income

the amount of money you actually earn during a given pay period...

Which of these statements describes the elements of a traditional fee-for-service health insurance plan

It is usually the most expensive healthcare choice but offers the most flexibility.

Which type of insurance does not build a cash value for the insured

term insurance...

What is an important reason for knowing the approximate difference between your gross pay and your net pay

Knowing the difference will allow you to develop a realistic budget based upon your take-home pay.

Which of these is the best description of a grant

it is a direct payment from the state to local government.:)

Which of these forms is used to determine the number of allowances a taxpayer can claim

w-4

Felicia is a manager at the all you can eat buffet she earns 38550 annually if she pays 6.2 percent of her annual income toward social security and 1.45 percent of her income toward medicare how mu

Felicia should ask her employer about any other amounts that will have to be withheld from her gross annual pay of 38550 that will have to be withheld before she will be able to determine her annual net take home pay.

38550 X .0765 = 2949.08

38550.00

-2949.08 =35600.92 and then she will still have other amounts that will be withheld before she will be able to determine how much her actual net take home pay will be.

Which type of tax is collected by a mediating agent and then forwarded to the government

indirect tax

Which of these would not be included on a loan application

your educational background

What is a Form W-2

a record of the annual tax contributions made by an individual

What is a tax table

a form used to calculate the amount of taxes a person must pay based upon income.

The fdic was created after the Great Depression with the passage of which act

glass-steagall act

Which of these is a description of allowances

special circumstances that reduce a persons federal tax bill

What is a form w-4 used for

A W4 form is an IRS or government form often provided to you by your employer. You would fill this form out so that your employer knows how much to withhold from your paycheck to put toward taxes.

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