Payroll/Taxes Review Polling Game

Poll

What does IRS stand for?

• International Revenue Services

• International Revamping Services

• Internal Revamping Services

• Internal Revenue Service

Poll

Which country did the 2008 documentary "Inside Job" start in?

• USA

• Iceland

• Finland

• Finland

Poll

A percentage of generated income that is relinquished to the state or federal government is known as?

• Income Tax

• Sales Tax

• Property Tax

• Corporate Tax

Poll

A percentage withheld from an employee’s pay by an employer, who pays it to the government on the employee’s behalf to fund Medicare and Social Security programs is known as?

• Sales Tax

• Payroll Tax

• Property Tax

• Corporate Tax

Poll

Taxes levied on certain goods and services; varies by jurisdiction is known as?

• Tariff

• Property Tax

• Sales Tax

• Income Tax

Poll

When you get paid the same amount no matter if you have worked over/under 40 hours, this is known as?

• Hourly

• Salary

Poll

What is the standard Overtime Rate? If someone’s regular rate of pay was $50 per hour, what would the OT rate be?

• $55

• $67

• $75

• $80

Poll

What are the 3 main deductions taken from each employee’s check?

• Federal, State, Sales

• Federal, State, Social Security

• State, Social Security, Medical

• Federal State, Medical

Poll

Who is the Chairman of the Federal Reserve?

• Jason Born

• Jerome Powell

• Jason Powell

• Collin Powell

Poll

When you are hired your job has you fill out what form?

• W-1040

• W-2

• 1099

• W-4

Poll

When tax season rolls around what form does your job send you in the mail or hand you at work?

• W-2

• 1099

• 1040

• W-4

Poll

Idaho's sales tax is set at what %

• 4.5%

• 6%

• 5%

• 8.5%

Poll

A ? tax is paid by an individual or organization to the entity that levied the tax.

• Direct

• Indirect

• Progressive

• Regressive

Poll

An ? tax is collected by one entity in the supply chain, such as a manufacturer or retailer, and paid to the government

• Regressive

• Progressive

• Indirect

• Direct

Poll

A ? tax is a tax applied uniformly, taking a larger percentage of income from low-income earners than from middle- and high-income earners.

• Regressive

• Progressive

• Proportional

Poll

A ? tax imposes a higher tax rate on higher taxable incomes than lower ones.

• Regressive

• Proportional

• Progressive

Poll

A ? tax system, also referred to as a flat tax system, assesses the same tax rate on everyone regardless of income or wealth.

• Regressive

• Proportional

• Progressive

Poll

Total pay before taxes and other deductions are taken out.

• Net Income

• Gross Income

Poll

Amount of money you receive in your paycheck after taxes and other deductions are taken out; also called take-home pay.

• Gross Income

• Net Income

Poll

a general increase in prices and fall in the purchasing value of money.

• Shrinkflation

• Net Income

• Taxes

• Inflation

Poll

Required payments of money to governments, which use the funds to provide public goods and services for the benefit of the community as a whole.

• Taxes

• Income tax

• Withholding

• Inflation

Poll

It was created by the Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system.

• Tax Deduction

• FICA

• Tax Refund

• Federal Reserve