Intro to Taxes

Benefits such as medical insurance, dental insurance and retirement plans...

• Come out of your paycheck automatically when you sign up for them

• Reduce your taxable income

• Are pretax

• Are privatized platforms for income

All of the following fall under the "taxes" section of your W2 EXCEPT

• Social Security

• State Taxes

• Medical Insurance

• Medicaid

FICA items on your W2 include

• Medicare

• Welfare Payments

• Social Services

• Social Security

Which of the following is true

• All childcare cost can be deducted

• Childcare cost are not tax deductible

• Childcare cost can be deducted up to a certain amount

• Childcare costs are only deductible if you go through a public institution

How do you calculate gross income?

• Rate x hours worked

• rate / hours worked

• Rate - Deducibles

• Rate x Tax

If you want a larger tax refund

• You should increase your income

• You should reduce the amount of shares you hold

• You should reduce the number of dependents you claim

• You should increase the amount that you save

Regarding HSA's and FSA's, which one is "use it or lose it"

• FSA's

• HSA's

Which off the following is not tax deductible

• Penalties and Fines

• Health insurance

• Commuter costs

• Garnishments

Which of the following will not be found on your pay stub

• Federal Taxes taken out

• Cost of dental insurance

• Retirement contributions

• Property Tax rates

Your net pay is

• Your gross pay - deductions

• Gross pay - taxes

• Gross pay - taxes and subsides

• gross pay - taxes and deductions