Personal Finance

The more allowances you are able to claim on your Form W-4, the less federal tax withheld from your paycheck


the family and medical leave act allows employees to take unpaid leave for family and medical reason


if you lose you social security card, you may apply for a new number


if you do not receive a form w-2 from an employer, you can disregard that income when filling out your income tax return


social security tax is also known as FICA


a standard work week is 40 hours in a five-day period


social security tax is an example of an optional deduction from your paycheck


a pay stub should accompany each paycheck


profit sharing is not considered an incentive to improve performance


use of a tax preparer clears you of any responsibility for an error on your tax return


the only function of the internal revenue service is the collection of income taxes


the power to levy federal taxes rests with the congress of the united states


Tax evasion is a serious crime punishable by a fine or imprisonment or both


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


You must file a tax return to receive a refund of taxes withheld unnecessarily


Taxpayers should not itemize unless their deductions exceed the standard deduction


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


Employee's Withholding Allowance Certificate

Form W-4

a person who can be claimed as an exemption by a taxpayer


paid vacation and holidays, discounted merchandise and onsite childcare are all examples of


To list allowable expenses on your tax return


A type of income received that is not taxable

child support


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


a taxable income increases, income tax rates


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


The income tax is an example of which type of tax?


an examination of a tax returns by the IRS is called

an audit