Understanding Personal Taxes - Final Assessment

Which of the following is considered an unearned income?

• Unemployment benefits

• Commissions

• Tips

• Profits from the sale of assets

Which of the following is NOT a tax use for local government?

• Police and fire protection

• Maintaining a strong military

• Building schools

• Maintaining local roads

How many different tax brackets are in the federal tax system?

• 5

• 6

• 7

• 8

Jason's income was $93,000 in 2017. According to the presentation, what is his tax rate?

• 22 percent

• 24 percent

• 32 percent

• 35 percent

Which of the following is the total amount of tax debt owed by an individual to a

taxing authority such as the IRS?

• Tax brackets

• Tax liability

• Tax breaks

• Tax exemption

When must W-2 forms be sent out to employees?

• On or before January 15th

• On or before January 31st

• On or before February 1st

• On or before February 15th

Which of the following is a form used by an individual's employer to withhold the proper amount of federal income tax from an employee's paycheck?

• w-2

• w-4

• w-5

• 1040

What is the deadline for taxpayers to submit tax return forms?

• March 1st

• March 15th

• April 1st

• April 15th

Which of the following forms is used when an individual is eligible to receive part of the earned income credit (EIC) in advance and chooses to do so?

• W-2

• W-4

• W-5

• 1040

Which of the following forms is the most complex of all individual tax filing

documents to complete?

• 1040

• W-2

• W-4

• W-5