Tax Review

The greatest sources of revenue for the federal government comes from

• gift tax

• sales tax

• income tax

• property tax

Which is an example of proportional tax?

• sales tax

• Illinois state tax

• federal income tax

A tax placed on harmful items to prevent people from buying them.

• sin tax

• harmful tax

• all taxes

• proportional tax

Which is an example of a direct tax?

• sales tax

• federal income tax

The principle of taxation in which people pay based on what they earn:

• pay as you earn principle

• ability to pay principle

• benefit principle

• allowance principle

What form do you fill out when you're first hired to indicate federal income tax withholdings?

• W-2

• W-4

• 1099

• 1040

By what date must an employer mail your W-2

• January 15

• January 31

• April 15

• April 30

By what date must you file your income taxes to the federal government?

• January 31

• January 15

• April 15

• April 30

If you don't receive your W-2, you do not have to file taxes.

• true

• false

Which tax claims a greater percent of total income from people that make less money?

• regressive tax

• proportional tax

• progressive tax