employ skills

Front

What is the primary difference between gross pay and net pay?

Back

Gross pay includes deductions; net pay is the amount after deductions.

Front

Which U.S. government program primarily provides health insurance for individuals aged 65 and older?

Back

Medicare

Front

What does a Social Security check refer to?

Back

Monthly payments for retirees, disabled individuals, or survivors of deceased workers

Front

What is the purpose of tax filing?

Back

To report income, expenses, and determine tax liability or refund

Front

Which form does an employee receive from their employer to report annual wages and taxes withheld? Options: w-4, w-2, 1040, FICA

Back

w-2

Front

What does FICA stand for?

Back

Federal Insurance Contributions Act

Front

Which of the following is NOT a tax deduction? Mortgage interest, Medical expenses, Social Security contributions, Tax credits

Back

Tax credits

Front

What is the primary purpose of filing taxes?

Back

To report your income and determine your tax refund or liability.

Front

What is the difference between the standard deduction and itemized deductions?

Back

The standard deduction is available to everyone, while itemized deductions depend on specific expenses.

Front

What is the definition of taxable income?

Back

Your income that is subject to income tax after deductions.