PF: Unit 1 Review: Taxes

Front

Who should consider filling out a W-4 form?

Back

Individuals who want to adjust their tax withholdings, such as new parents or those changing jobs.

Front

What is the difference between marginal tax bracket and effective tax bracket?

Back

The marginal tax bracket is the rate applied to the last dollar earned, while the effective tax bracket is the average rate paid on all income.

Front

How do you calculate net pay?

Back

Net pay is calculated by subtracting all deductions (like taxes and retirement contributions) from gross pay.

Front

What does FICA stand for?

Back

FICA stands for Federal Insurance Contributions Act, which funds Social Security and Medicare.

Front

What is the formula to calculate profit?

Back

Profit can be calculated using the formula: Profit = Revenue - Costs.

Front

What is a W-4 form used for?

Back

A W-4 form is used by employees to indicate their tax situation to their employer, helping to determine the amount of federal income tax to withhold from their paycheck.

Front

What is the purpose of federal income tax?

Back

Federal income tax is used to fund government services and programs, including education, defense, and infrastructure.

Front

What are common deductions from a paycheck?

Back

Common deductions include federal income tax, state income tax, Social Security tax, Medicare tax, and retirement contributions.

Front

How do you determine the domain of a function?

Back

The domain of a function is the set of all possible input values (x-values) that will not cause any mathematical errors, such as division by zero.

Front

What is the range of a function?

Back

The range of a function is the set of all possible output values (y-values) that the function can produce.