MM Fall Final Review 2021

MM Fall Final Review 2021

9th - 12th Grade

30 Qs

quiz-placeholder

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MM Fall Final Review 2021

MM Fall Final Review 2021

Assessment

Quiz

Computers

9th - 12th Grade

Medium

Created by

Morgan Burcham

Used 6+ times

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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why should you accurately complete a W-4 form any time you start a new job or change your tax status?

You need a copy of your W-4 to file your tax return annually

Your W-4 determines how much Federal income tax money your employer should withhold

Your W-4 determines your total tax bill at the end of the year

Completing a W-4 will guarantee you receive a large tax refund

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jay filed his taxes and found out he owes money. What is the most reasonable explanation as to why he owes money in taxes?

Not enough money was withheld from his paychecks.

Too much money was withheld from his paychecks.

When filing his taxes, Jay accidentally checked “Married filing jointly” instead of “Single”.

The IRS is asking Jay for a future advance on his possible taxes for next year.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are factors that impact the amount someone may pay in taxes EXCEPT...

Income

Political Party

State

Marital Status

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is the largest source of income for the Federal government?

Payroll Tax

Income Tax

Corporate Tax

Property Tax

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the statements about the current U.S. tax system is TRUE?

Our current system is described as being a progressive system because it imposes higher rates on those who earn more.

Your friend tells you his marginal tax rate is 22%. That means that he pays 22% on all of his income.

Everyone in the US who makes more than $12,400 pays one flat tax rate.

Our current system is described as being a regressive system because it imposes higher rates on those who earn less.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For an hourly worker, gross pay is found by multiplying the number of hours worked by the hourly rate of pay.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The form used to report taxable income a worker received during the calendar year is called a

Form

Form A

Form W-2

Form W-4

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