Financial Literacy: Taxes and Paychecks

Sales taxes are collected from the consumers by which of the following?

• Store merchants

• IRS

• City Governments

• State comptrollers

Which of the following levels of government may collect an income tax?

• Federal government and state government

• School districts and cities

• Cities and federal government

• State governments and school districts

People who are considered contract labor or self-employed usually pay their taxes how often?

• Weekly

• Monthly

• Quaterly

• Annually

The two most basic ways to pay your income taxes to the federal government are which of the following?

• Estimated and monthly payments

• Estimated and quarterly payments

• Withholding and estimated payments

• Withholding and monthly deposits

Which of the following entities writes states' tax laws?

• The president

• Congress

• Each state

• The IRS

Which of the following is the most common tax on the federal level?

• Sales Tax

• Income Tax

• Property Tax

• Excise Tax

Internal Revenue Service; federal bureau which collects taxes every year and turn the money over to the Treasury Department to cover expenses of the U.S. government

• Income Tax

• IRS

• FICA

• Treasury Department

amount, based on a percentage of property value, paid to the local governments and school district in which one lives

• Excise Tax

• Income Tax

• Gift Tax

• Estate Tax

person who relies on another for financial support

• Social Security

• Auditors

• Dependents

• The president

Federal Insurance Contributions Act; a Social Security retirement tax

• Social Security

• FICA

• IRS

• Treasury Department