Ch 17 Paychecks and Taxes

Front

The _____ is a federal government agency that enforces the tax laws and collects taxes.

Back

IRS

Front

The total amount of money earned during a pay period is _____.

Back

gross pay

Front

Social Security taxes and Medicare taxes _____.

Back

are figured as a percentage of your earnings

Front

Which form is the easiest federal tax return form to prepare? Options: Form 1040, Form 1040A, Form W-4, Form 1040EZ

Back

Form 1040EZ

Front

Your tax money pays for governmental services.

Back

True

Front

Only the federal and state governments can tax your income.

Back

False

Front

Is it your employer’s responsibility to ensure that you prepare and send your income tax return?

Back

False

Front

Each allowance that you claim results in more tax taken from your pay.

Back

False

Front

Which of the following actions would not be penalized by the IRS?
Providing fraudulent information on an income tax return,
Filing a punctual income tax return,
Failing to file an income tax return,
Filing a tax return late without permission

Back

Filing a punctual income tax return