Income and Taxes CFM

Anything subtracted from your gross income is

• social security

• deductions

• exemptions

• gross income

Legal allowances that reduce the amount of income taxes subtracted from your gross income

• exemptions

• gross income

• deductions

• net income

Wages or salary before deductions fro taxes and other purposes

• exemptions

• gross income

• deductions

• net income

Federal government program financed by deductions from wages, that pays for certain health care expenses for older citizens

• social security

• medicare

• deductions

• net income

Commonly called "take home pay" is your income after all deductions and exemptions

• exemptions

• gross income

• net income

• deductions

A federal government program that provides retirement, survivor's and disability benefits funded by a tax on income

• social security

• medicare

• gross income

• FICA

Gross income is

• income after taxes and exemptions

• all your income for the year

• income before taxes

• income plus savings

Net Income is

• income after taxes and deductions

• all income made for the year

• income before taxes

• income and savings

Which are 2 required deductions that an employer must deduct from your paycheck?

• federal and fica

• federal and state

• state and fica

• fica and social security

Which of the following is an optional deductions from your paycheck

• federal tax

• fica

• state tax

• dues