Finance Taxes 3

Who primarily uses our tax money? (hint: choose 2 correct answers)

• Your employer

• The state government

• The Federal government

• Local Businesses

What types of taxes contribute to Federal tax revenue? ( hint: choose 4 correct answers :)

• Corporate Income Tax

• Income Tax

• Estate Tax

• Excise Tax

What item would you DEFINITELY see on a paystub?

• Retirement

• Healthcare

• Gross Pay

• Your occupation/role

Jason filed his 2021 tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?

• April 18th

• October 15th

• December 31st

• January 1st of the next year

True or False: All wages, tips, and bonuses are taxable unless specifically excluded.

• True

• False

Which of the following is FALSE about the W-2 form? (hint: choose 2 correct answers)

• The W-2 is sent out in April of every year

• It lets you know how much you earned last year

• It lets you know how much was withheld from your paychecks

• You get 1 W-2 form every year, even if you had multiple jobs

IRS stands for

• Internal Revenge Service

• International Revenue System

• Internal Revenue Service

• Inspection Ravioli Sauce

Money being taxed comes from

• Net Pay

• Gross Pay

• Take Home Pay

• Pay Day...the candybar

A sales tax is off of any purchased good. Who regulates those taxes?

• State

• Federal

• Other countries

• Your employer

Federal Contribution Insurance Act (FICA) are withheld from your paycheck and sent to the government. These are used for (Two answers are to be selected)

• Social Security

• State

• Medicare

• Sale