Understanding Taxes and Employment Types

Front

What form do employees typically receive to report their annual wages and taxes withheld?

Back

W-2

Front

Which tax is specifically used to fund Social Security and Medicare?

Back

FICA

Front

What does IRS stand for?

Back

Internal Revenue Service

Front

Which form is typically given to independent contractors to report their income?

Back

1099

Front

Which type of tax is collected by the federal government to fund national programs? State income tax, Federal income tax, Local tax, Property tax

Back

Federal income tax

Front

What is tax evasion?

Back

Illegally avoiding paying taxes

Front

Which of the following is a responsibility of the IRS?
Options:
Building roads,
Collecting federal taxes,
Issuing driver’s licenses,
Managing state parks

Back

Collecting federal taxes

Front

Which tax is most likely to fund local schools and police departments?

Back

Local tax

Front

Which of the following jobs is most likely to be classified as a W-2 job? Freelance graphic designer, Full-time retail store employee, Independent consultant, Self-employed plumber

Back

Full-time retail store employee

Front

If you work as a freelance writer, which tax form will you most likely receive?

Back

1099