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

Fill in the Blank

−taxpayers must complete a _____and submit the form by the day which falls on or near April 15th of each year

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