Personal Finance & Investing: Review Final - Pt. 2

Shortly after the end of the year, you will receive a ________ form summarizing all of your relevant income and tax withholding information from each employer you worked for during the year.

• 1040

• 1040EZ

• W2

• 1099-MISC

FICA stands for Federal Income Commercial Assessment.

• True

• False

The deadline for filing your federal tax return each year is ________.

• January 1st

• December 15th

• March 15th

• April 15th

You would use a 1040 or 1040EZ to ________.

• Pay local taxes

• Pay sales taxes

• File a tax return

• Receive an estimated tax payment

The ________ is the government body that enforces federal tax laws and collects taxes.

• United States Congress

• Bureau of Labor

• Commerce Department

• Internal Revenue Service

FICA refers to payroll taxes withheld for ________.

• Federal income tax

• State income tax

• Estimated tax

• Social Security and Medicare

Federal income taxes, state income taxes, and Social Security withholdings are all ________.

• Payroll taxes

• Real estate taxes

• Sales taxes

• Capital taxes

In general, which type of tax is typically used to fund local schools?

• Sales tax

• Real estate tax

• Payroll tax

• Income tax

Real estate taxes are calculated based on the ________.

• Age of the property

• Size of the property

• Ownership of the property

• Estimated value of the property

A sales tax is sent to the government by ________.

• The city in which the purchase took place

• The person who made the purchase

• The merchant who sold the item(s)

• The employer of the person who made the purchase