The more allowances you are able to claim on your Form W-4, the less federal tax withheld from your paycheck
true
the family and medical leave act allows employees to take unpaid leave for family and medical reason
true
if you lose you social security card, you may apply for a new number
false
if you do not receive a form w-2 from an employer, you can disregard that income when filling out your income tax return
false
social security tax is also known as FICA
true
a standard work week is 40 hours in a five-day period
true
social security tax is an example of an optional deduction from your paycheck
false
a pay stub should accompany each paycheck
true
profit sharing is not considered an incentive to improve performance
false
use of a tax preparer clears you of any responsibility for an error on your tax return
false
the only function of the internal revenue service is the collection of income taxes
false
the power to levy federal taxes rests with the congress of the united states
true
Tax evasion is a serious crime punishable by a fine or imprisonment or both
true
generally, a person connor claim him or herself as an exemption if he or she is claimed as a dependent on another's tax return
true
You must file a tax return to receive a refund of taxes withheld unnecessarily
true
Taxpayers should not itemize unless their deductions exceed the standard deduction
true
the main purpose of labor unions
collective bargaining
wage and tax statement
Form W-2
total agreed-upon pay, before deductions are taken
gross pay
benefits under social security for illness and hospitalization
Medicare
Employee's Withholding Allowance Certificate
Form W-4
a person who can be claimed as an exemption by a taxpayer
dependent
paid vacation and holidays, discounted merchandise and onsite childcare are all examples of
benefits
To list allowable expenses on your tax return
itemize
A type of income received that is not taxable
child support
PACED
Problem, Alternatives, Criteria, Evaluate, Decision
who do you call if your refund is to high
payroll person
the IRS form used to claim allowances for purposes of withholding is called the
Form w-4
The amount of your take-home pay is also known as
net pay
employer must send a wage and tax statement to all employees who worked for them in the past year by
January 31
when employers and union officials cannot agree on the terms of a new labor contract, the result is often a
strike
a taxable income increases, income tax rates
increase
You must file your federal income tax return no later than
April 15
which of the following people must sign a tax return
a taxpayer, the taxpayers spouse, the person who prepared the tax return
the right of a person hired first to be fired last is called
seniority
The income tax is an example of which type of tax?
progressive
an examination of a tax returns by the IRS is called
an audit