An allowance is a special circumstance that will allow for
reductions in your federal tax bill. It is also a set amount of
money that one might give a child periodically for their personal
use.
🔄 Click to see term
Term1/18
What is the best definition of a progressive tax system
🔄 Click to see definition
Definition1/18
a tax system that takes a larger proportion of income from
high-income people than from low-income people
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Term1/18
Which of these groups of people is not served by Medicare
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Definition1/18
People who have lost their jobs are not served by Medicare.
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Term1/18
What is the best definition of taxable income
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Definition1/18
For Federal income tax purposes, taxable income is the portion
of a taxpayer's gross income on which his regular income tax
liability (before payments and credits) for the year is based.
Income from any given source is taxable, unless the Code
specifically says it isn't taxable.
Calculation:
Taxable income starts with gross income, which according to the
US Internal Revenue Code, is all income from whatever source
derived. Gross income is then reduced by certain adjustments
allowed by the IRS (e.g. for student loan interest, alimony paid,
and 10 or so other specific items) to get adjusted gross income.
Adjusted gross income is then reduced by exemptions (both personal
and for any dependents) and itemized deductions (or the standard
deduction) to arrive at taxable income.
🔄 Click to see term
Term1/18
What is the best definition of unearned income
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Definition1/18
Unearned income is any income that was not paid as part of the compensationfor servicesprovided by the taxpayer.
An example is income that is generated as a result of investments, properties, stocks and bonds, etc.
🔄 Click to see term
Term1/18
Why is it important to have an understanding of the employee benefits that come with a particular job
🔄 Click to see definition
Definition1/18
This understanding will allow you to intelligently compare the total compensation packages of various job offers This understanding will allow you to intelligently compare the total compensation packages of various job offers.
this understanding will allow you to intelligently compare the compensation packages of various job offers
🔄 Click to see term
Term1/18
What is an important reason for knowing the approximate difference between your gross pay and your net pay
🔄 Click to see definition
Definition1/18
Knowing the difference will allow you to develop a realistic
budget based upon your take-home pay.
🔄 Click to see term
Term1/18
What is the least effective strategy for finding a job you will enjoy
🔄 Click to see definition
Definition1/18
Looking in the want ads for a job that is advertised as being
fun.
🔄 Click to see term
Term1/18
On average what type of worker is most likely to have the most employee benefits
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Definition1/18
an employee in a high- paying job workin full time at a large
company
🔄 Click to see term
Term1/18
What is the best definition of interest
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Definition1/18
The noun 'interest' is a word for a desire to know or learn; a right, title, or legal share of something; a charge for borrowed money or the profit made on invested capital.
Example: "I have great interest in meeting the needs of my family"
The verb 'interest' is to excite the curiosity or attention of someone or something.
Example: "I have some books that should interestyou."
🔄 Click to see term
Term1/18
What is the most important thing the federal government's FDIC will do if the bank in which you have your savings goes out of business
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Definition1/18
The FDIC will repay the amount of deposits you lost up to
$100,000 per account.
🔄 Click to see term
Term1/18
Why is it difficult to predict how much money someone will need for his or her retirement
🔄 Click to see definition
Definition1/18
There are too many variables and unknown factors.
🔄 Click to see term
Term1/18
Which of these is not one of the four basics of retirement
🔄 Click to see definition
Definition1/18
Social Security will provide plenty of money for most
retirements.
🔄 Click to see term
Term1/18
Which statements about work schedule benefits is false
🔄 Click to see definition
Definition1/18
A+ sick leave is typically given to employees on a “use it or lose it” basis
🔄 Click to see term
Term1/18
Who discovered the rule of 72
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Definition1/18
Albert Einstein
🔄 Click to see term
Term1/18
What statement is true of compound interest
🔄 Click to see definition
Definition1/18
The power becomes greater the longer you keep your money and the
interest in the bank.
🔄 Click to see term
Term1/18
His chart shows the total average monthly cost of medical insurance benefits for employees working in the private sector in March 2006. For single coverage the cost is 322.77 and for family coverage i
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Definition1/18
32.2 hours A+
🔄 Click to see term
Term1/18
What statements is regarding bankruptcy is false
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Definition1/18
The amount of dept is less than the income earned
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Cards in this guide (18)
What is the best definition of an allowance
An allowance is a special circumstance that will allow for
reductions in your federal tax bill. It is also a set amount of
money that one might give a child periodically for their personal
use.
What is the best definition of a progressive tax system
a tax system that takes a larger proportion of income from
high-income people than from low-income people
Which of these groups of people is not served by Medicare
People who have lost their jobs are not served by Medicare.
What is the best definition of taxable income
For Federal income tax purposes, taxable income is the portion
of a taxpayer's gross income on which his regular income tax
liability (before payments and credits) for the year is based.
Income from any given source is taxable, unless the Code
specifically says it isn't taxable.
Calculation:
Taxable income starts with gross income, which according to the
US Internal Revenue Code, is all income from whatever source
derived. Gross income is then reduced by certain adjustments
allowed by the IRS (e.g. for student loan interest, alimony paid,
and 10 or so other specific items) to get adjusted gross income.
Adjusted gross income is then reduced by exemptions (both personal
and for any dependents) and itemized deductions (or the standard
deduction) to arrive at taxable income.
What is the best definition of unearned income
Unearned income is any income that was not paid as part of the compensationfor servicesprovided by the taxpayer.
An example is income that is generated as a result of investments, properties, stocks and bonds, etc.
Why is it important to have an understanding of the employee benefits that come with a particular job
This understanding will allow you to intelligently compare the total compensation packages of various job offers This understanding will allow you to intelligently compare the total compensation packages of various job offers.
this understanding will allow you to intelligently compare the compensation packages of various job offers
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.
What is the least effective strategy for finding a job you will enjoy
Looking in the want ads for a job that is advertised as being
fun.
On average what type of worker is most likely to have the most employee benefits
an employee in a high- paying job workin full time at a large
company
What is the best definition of interest
The noun 'interest' is a word for a desire to know or learn; a right, title, or legal share of something; a charge for borrowed money or the profit made on invested capital.
Example: "I have great interest in meeting the needs of my family"
The verb 'interest' is to excite the curiosity or attention of someone or something.
Example: "I have some books that should interestyou."
What is the most important thing the federal government's FDIC will do if the bank in which you have your savings goes out of business
The FDIC will repay the amount of deposits you lost up to
$100,000 per account.
Why is it difficult to predict how much money someone will need for his or her retirement
There are too many variables and unknown factors.
Which of these is not one of the four basics of retirement
Social Security will provide plenty of money for most
retirements.
Which statements about work schedule benefits is false
A+ sick leave is typically given to employees on a “use it or lose it” basis
Who discovered the rule of 72
Albert Einstein
What statement is true of compound interest
The power becomes greater the longer you keep your money and the
interest in the bank.
His chart shows the total average monthly cost of medical insurance benefits for employees working in the private sector in March 2006. For single coverage the cost is 322.77 and for family coverage i