FIn Math semester exam

Front

What is income tax?

Back

A tax you pay on your earnings, deducted from your paycheck.

Front

What happens if you write a check for more than your account balance?

Back

You may incur overdraft fees.

Front

What is a W-2 form?

Back

A tax form that reports an employee's annual wages and the amount of taxes withheld.

Front

Why is it important to file the FAFSA early?

Back

Aid is given out on a first-come, first-serve basis.

Front

When does the FAFSA filing period open each year?

Back

October 1st.

Front

What is an overdraft fee?

Back

A fee charged when you withdraw more money than your account holds.

Front

What is the purpose of the FAFSA?

Back

To determine eligibility for federal student financial aid.

Front

What is a W-4 form?

Back

A form that tells your employer how much tax to withhold from your paycheck.

Front

What is a 1040 form?

Back

A standard IRS form used to file an individual income tax return.

Front

What is a service fee?

Back

A fee charged by a bank for account maintenance or services.