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# Taxes and Tax Preparation

Marcelle Heaney

Lvl 10
2021-10-26 18:34:26
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Cards in this guide (28)
Are Morgan Stanley money market checking accounts FDIC insured

Yes

What is the definition of a shared tax

A tax the state creates and collects.

What institution insures individual banking accounts

minimum check-writing fee

What is the goal of accreditation agencies

To ensure that education in institutions meets certain standards

Sonya wants to know how much her annual take-home pay will be after she pays FICA taxes totaling 7.65 percent on an annual salary of 36590

Her annual take-home pay will be 33790.87.

Calculate the simple interest you would receive in five years on a savings account that earns 7.5 percent annual interest What if your beginning balance is 1236.59

463.72

Sherry had an ending balance of 125.36 outstanding deposits of 153.53 and outstanding checks of 100.19 What was her checkbook balance

178.70

Angela wants to calculate her take home pay she earns 1377 monthly she pays federal tax of 200 state tax of 41.31 and 7.65 percent in fica tax what is angelas monthly net pay

.0765 x 1377 =105.3405

1377 - 105.34 - 200 - 41.31

= 1030.35

Kenneth is having a terrible time balancing his checkbook He had outstanding checks that totaled 323.14 an ending balance of 232.54 and outstanding deposits of 125.98 His checkbook register bal

Outstanding Checks = \$323.14

Current Bank Balance = \$232.54

Outstanding Deposits = \$125.98

Final Balance = Current balance + Outstanding deposits - outstanding checks

= 232.54 + 125.95 - 323.14

= 35.35

The final balance on Kenneth's account will be \$35.35

If Patty is taking out a simple interest loan to buy her new 10689 car How much would she pay in interest it the rate is 4.5 percent and she pays the loan off in 4 years

She will pay \$1,924.02 in interest.

What is a best description of a tax rate

It is the percentage at which tax is levied.

What groups can the federal government not place taxes on

The federal government does not tax state and local governments and tax-exempt organizations such as churches and charities.

Which of these should represent the smallest portion of your budget

mis

Which of these occurs when a person misrepresents the value of a tradable item or never completes the agreed upon trade

swaplifting

What best describes the person who oversees the reading of your will and ensures your last wishes are followed

executor

What type of retirement account is generally established to help individuals meet long term goals

annuity

What does not belong in the miscellaneous category

Questions that can be categorized belong in the closest category for that subject. Other questions are harder to categorize and are in Miscellaneous until they are assigned a category.

Which of these is a type of savings account that is designed to accrue interest for a specific period of time

certificate of deposit

What describes an installment loan

Installment loans require monthly payments to pay the loan.

What is a Form W-2

a record of the annual tax contributions made by an individual

What describes discount loans

They require the interest to be paid first.

If money supply growth exceeds the growth of the overall economy what will be the result

inflation

At what age can a person no longer contribute to a traditional IRA

[70] million years old

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

glass-steagall act

At what age must a person begin receiving their Roth 401 k payments

70 ½

This is the Reed family budget. How much discretionary income does the family have each month

474

In which of the following are individuals guaranteed by an insurance company to earn a minimum interest rate on their investment

fixed annuity

When This is the monthly budget for the reed family. What percentage of expenses is spent on utilities

Divide the utility expense by the monthly budget. Multiply the result by 100.

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