Income and Careers - High School Quiz

Question 1: Jeffrey has a good job at a factory in New Jersey and lives in town A in Pennsylvania. Due to the long commute he moves to town B which is in New Jersey, where he buys a new house. Which of his following taxes will likely change?
Social Security tax and state taxes
Federal income tax
Medicare contribution and property taxes
Property tax and state taxes

Question 2: Retirement income paid by the Federal government is called:
Social Security
401k
IRA
Roth IRA

Question 3: The United States has one of the highest tax rates for corporations in the world. Which of the following could be consequences of a high tax rate?
US companies move some of their factories overseas to lower their taxes
Some of the US employees lose their jobs
All of the above

Question 4: The federal income tax:
is paid by employees to the Federal government at the end of each year
is subtracted from the total amount an employee earns each pay cycle
is paid only by all US residents that own property
is not paid by any retired persons

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Financial Literacy External Resources

The Jumpstart Coallition for Personal Finance Literacy
Personal Finance 101 from Student Aid on the Web