Taxes so far

Which of the following is a MANDATORY paycheck deduction? SELECT ALL THAT APPLY.

• Health Insurance

• Retirement plan contributions

• Social Security

• State Income tax

• Medicare

Which of the following is a tax paid on goods that the government wants to regulate to change people's behaviors?

• Income tax

• Sales tax

• Capital gains tax

• Personal property tax

• Excise tax

Which forms do you need to file your tax return each year? SELECT ALL THAT APPLY.

• W-4 form

• W-2 form

• 1040 form

• FAFSA form

Which of the following is the amount of pay you "take home" from a paycheck after deductions?

• Gross pay

• Overtime pay

• Sick pay

• Net pay

What do FICA taxes include? SELECT ALL THAT APPLY.

• Social security tax

• Federal income tax

• State income tax

• Medicare tax

True or false? Interest earned on your savings account is considered earned income.

• True

• False

True or false? Both the employer and employee pay the FICA taxes.

• True

• False

The STATE government spends its budget money on all of the following EXCEPT:

• Roads

• Public education

• Hospitals

• Social Security