Understanding Personal Taxes Lesson

Multiple Choice

Personal Income Tax revenues help fund programs and services such as Social Security, Medicare, schools, roads, national security and welfare system

• True

• False

Open Ended

What is earned income?

Open Ended

How does the federal government use your taxes?

Multiple Choice

What is the date the employers have to send the W-2?

• May 31

• April 15

• January 31

Multiple Choice

Which of the following forms report an employee’s annual wages and the amount of taxes withheld from their paycheck?

• W-2

• W-4

• 1040

• 1040-SR

Multiple Choice

Earned and unearned income are the two types of personal income tax.

• True

• False