Assignment 5 (20 points) Assignment 5: Taxes and Credit Instructions Save this file in your course folder, and name it with Assignment, the section number, and your first initial and last name. For example, Jessie Robinson's assignment for Section 1 would be named Assignment1JRobinson. Type the answers to the assignment questions below. Use complete sentences unless the question says otherwise. You will have more than one day to complete an assignment. At the end of each day, be sure to save your progress. Review Lesson 4 of the Course Overview for instructions about turning in your assignments. Assignment Questions In Section 5, you learned about taxes and credit. Now, you'll apply what you learned. TIP: If you want, you can practice filling out the 1040EZ tax form in your course folder, but don't turn the tax form in to your instructor. The information on that form is personal and should be kept private. 1. How does payroll withholding help a company's employees? (1-2 sentences. 2.0 points) 2. List at least three types of tax that a company may have to withhold from employees' paychecks. (1-3 sentences. 3.0 points) 3. What are the two main types of tax forms a company provides to employees so the employees can fill out their 1040 tax form? (1-2 sentences. 2.0 points) 4. List at least two tips for using credit wisely. (1-2 sentences. 2.0 points) 5. Why is a bank more likely to offer you credit if you have a co-signer with good credit? (1-4 sentences. 3.0 points) 6. Describe at least three things a bank would consider about you when deciding whether to give you a loan. (1-3 sentences. 3.0 points) 7. Write at least two policies that a company could use to decide which customers to offer credit to. (1-2 sentences. 2.0 points) 8. Which type of credit requires that borrowers carefully manage the debt so it doesn't get out of control? Explain why this type of credit requires more careful management. (1-5 sentences. 3.0 points)