7-4 sat.
7-4 sun.
Tuesday, February 26, 2008
Friday, February 22, 2008
Chapter 23 Key Concepts
1. Which of the following is not a characteristic of a good tax system.
(c) Taxes are collected at the beginning of each year.
2. You'll have to pay additional income tax if
(a) your employer withholds too little tax
3. Social Security taxes are paid by
(c) Both workers and employers
4. Which one of the following beneifits is not part of social security
(b) Surivivors benifits
5. One Reason why the socia lsecurity system is in trouble is that
(b) The Birthrate is declining
(c) Taxes are collected at the beginning of each year.
2. You'll have to pay additional income tax if
(a) your employer withholds too little tax
3. Social Security taxes are paid by
(c) Both workers and employers
4. Which one of the following beneifits is not part of social security
(b) Surivivors benifits
5. One Reason why the socia lsecurity system is in trouble is that
(b) The Birthrate is declining
Section 23.2 Review
1. Why is it important to build up work credits?
Cause it takes certain amount of credit to get Social Security benefits.
2. Why is the program of benefits discussed in this section called Social Security?
Disabled workes, Surivors benifits retirement, medicare, unemployment, and workers compensaion.
3. What may happen to Social Security by the time you retire if the system isn't changed soon?
There will be fewer young workers around to support retired people in the future
Cause it takes certain amount of credit to get Social Security benefits.
2. Why is the program of benefits discussed in this section called Social Security?
Disabled workes, Surivors benifits retirement, medicare, unemployment, and workers compensaion.
3. What may happen to Social Security by the time you retire if the system isn't changed soon?
There will be fewer young workers around to support retired people in the future
Sec 23.1 Review
1. List five characteristics of a good tax system. Why theses are features desirable?
Should be fair, tax laws should be clear and simple, taxes should be collected at a convenient time, and tax system should be stable, and flexible.
2. How dose the amount of money you earned and withheld determine whether you owe income tax.
Because if your emeployer did not take enough noney from your patcheck, you owe moeny and if you didnt make enough you wont be able draw for income tax
3. How will understanding such term as exemption, dependent, and deduction help complete a tax return?
It explains what you are filling out so you won’t be paying too much or to little
Should be fair, tax laws should be clear and simple, taxes should be collected at a convenient time, and tax system should be stable, and flexible.
2. How dose the amount of money you earned and withheld determine whether you owe income tax.
Because if your emeployer did not take enough noney from your patcheck, you owe moeny and if you didnt make enough you wont be able draw for income tax
3. How will understanding such term as exemption, dependent, and deduction help complete a tax return?
It explains what you are filling out so you won’t be paying too much or to little
Chap.23 Vocab
Chap. 23 vocabulary
Internal revenue service (IRS) - an agency that collects federal taxes and oversees the federal tax system
Withhold- take out money from your check to pay income tax due on your wages
Income tax return-a from that shows how much you earned from working and made from other scourers
Exemption- a fixed amount of money that is excused from taxes
Deduction- an expense that you are allowed to subtract from your income
Work credit- measurement of how long you’ve worked
Disabled worker- someone who can not work because of a physical or mental condition
Medicare- paid to peo
Unemployment insurance- provides temporary income to workers who have lost their jobs
Workers’ compensation- paid to workers injured on the job and dependent of worker killed on the job
Internal revenue service (IRS) - an agency that collects federal taxes and oversees the federal tax system
Withhold- take out money from your check to pay income tax due on your wages
Income tax return-a from that shows how much you earned from working and made from other scourers
Exemption- a fixed amount of money that is excused from taxes
Deduction- an expense that you are allowed to subtract from your income
Work credit- measurement of how long you’ve worked
Disabled worker- someone who can not work because of a physical or mental condition
Medicare- paid to peo
Unemployment insurance- provides temporary income to workers who have lost their jobs
Workers’ compensation- paid to workers injured on the job and dependent of worker killed on the job
Monday, February 18, 2008
Tuesday, February 12, 2008
Tuesday, February 5, 2008
Chapter 20 Vocabulary
budget-a plan for saving and spending based on your incomeand your expenses
recording-organizing and maintaining records, often of one's income and spending
financial responsibility-accountabilityin money matter
recording-organizing and maintaining records, often of one's income and spending
financial responsibility-accountabilityin money matter
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