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NGPF Taxes Answers – Semester Course Topics Covered
Below, we will be covering all quiz answer keys for the topic NGPF tax:
Ans: The standard Internal Revenue Service (IRS) form that individuals can use to file their annual income tax returns.
Ans: Form that details all “non-employee” compensation, including for specific jobs like freelancers or contractors.
Ans: Employee-claimed exemptions on the W-4 to determine how much of an employee’s pay to withhold from his or her paycheck for taxes.
Ans: An inspection of a filer’s tax return by the IRS.
Q. Capital Gain
Ans: Profit from the sale of an asset, such as a stock or a bond, calculated by subtracting the price you initially paid from the price you then sold it for.
Q. Corporate Income Tax
Ans: A percentage of profits paid by a business to the federal and state government.
Ans: Someone you financially support who can be “claimed” on a tax return to reduce your taxable income and lower your taxes.
Q. Discretionary Spending
Ans: Spending by the federal government is determined by legislative action and approved through votes by elected officials.
Ans: Money from the profits of a company that is paid out to its shareholders, typically on a quarterly basis.
Q. Effective Tax Rate
Ans: The actual rate you pay on your taxes, as a percentage of your overall income.
Q. Excise Tax
Ans: A tax paid on purchases of a specific good, like gasoline or cigarettes.
Ans: The set amount of money, per dependent, you can subtract from your taxable income.
Q. Filing Status
Ans: A category that defines the type of tax return an individual will use, primarily based on marital status; it also determines the size of your tax brackets and how much of your income is taxed at each rate.
Ans: Form used by an employer to verify an employee’s identity and to establish that the worker is eligible to accept employment in the United States.
Q. Income Tax
Ans: Taxes paid by employees to federal and state government through a direct deduction from their paycheck.
Q. Interest Income
Ans: Income earned through interest on savings accounts, bonds, CDs, etc…
Q. Mandatory Spending
Ans: Spending by the federal government is required by previously existing laws, including funding programs like Social Security and Medicare/Medicaid.
Q. Marginal Tax Rate
Ans: The tax bracket that your highest dollar of income falls into, and therefore the highest tax rate you pay.
Ans: A government-run insurance program that provides healthcare assistance to low-income Americans.
Ans: A government-run insurance program that provides healthcare assistance to elderly and disabled Americans.
Q. Paycheck Stub
Ans: A document attached to every paycheck that details your earnings and the amount withheld for taxes, health insurance, retirement funds, etc…
Q. Payroll Tax
Ans: Federal and state taxes that all employers must pay, based on a percentage of the employee’s salary, toward social services such as Social Security and Medicare.
Q. Progressive Tax
Ans: A tax system that uses tax brackets to collect a larger percentage from the income of high-income earners than it does from low-income earners.
Q. Social Security
Ans: A federal program that provides monthly benefits to millions of Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals.
Q. Standard Deduction
Ans: A standardized dollar amount that reduces your taxable income, specifically for individuals who do not receive additional benefit by itemizing their deductions into medical expenses, donations, etc…
Q. Tax Bracket
Ans: A range of income amounts that are taxed at a particular rate.
Q. Tax Rate
Ans: The percentage at which taxes are paid on each dollar of income.
Q. Taxable Income
Ans: The amount of income that is used to calculate an individual’s or a company’s income tax due.
Ans: Form that an employer must send to an employee and the IRS at the end of the year to report the employee’s annual wages and taxes withheld from their paycheck.
Ans: A form completed by an employee to indicate his or her tax situation (exemptions, marital status, etc.) to the employer, who then withhold the corresponding amount of taxes from each paycheck.
Ans: The portion of an employee’s wages that is not included in their paycheck because it goes directly to federal, state, and local taxes.
Q. Federal Insurance Contributions Act (FICA)
Ans: A federal law that requires an employer to withhold taxes from the wages they pay their employees; the funds go toward Social Security and Medicare.
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Q. Americans pay different kinds of taxes: income tax, sales tax, etc. What do you think are the top three categories the government spends our tax dollars on?
Ans: Military, social programs, roads
Q. What does FICA consist of?
Ans: Social Security & Medicare
Q. What are 2 examples of discretionary spending?
Ans: Education & Military
Q. All of the following options are benefits we receive as a result of government spending EXCEPT…
Ans: Air quality
Q. What’s one category you wish fewer taxes were spent on? Why?
Ans: Interest on Debt, because the government isn’t paying it own debt.
Q. What’s one category you wish more taxes were spent on? Why?
Ans: Science, because NASA is severely underfunded
Q. What is the difference between gross pay and net pay?
Ans: Gross pay is before taxes and deductions are subtracted; Net pay is your take-home pay.
Q. What are Pre-Tax Deductions and Contributions?
Ans: Contributions taken out of your paycheck BEFORE taxes are calculated on your income
Q. What are two examples of Employer Contributions?
Ans: 401k & Roth IRA, Health Insurance & 401k
Q. Complete the activity on the right, screenshot your results and place it below when completed.
Q. In your own words, explain why we pay taxes.
Ans: So the government can afford a military and waste more money
Q. Identify two deductions you will see on your pay stub
Ans: federal and state income tax
Q. Distinguish between net pay and gross pay
Ans: NP is after deductions GP is non-deductions money
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