Taxes Unit Test Review

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

• Your employer

• The state government

• The Federal government

• Local Businesses

Our tax money is spent on all of the following EXCEPT:

• Social Security

• The Military

• Private School Education

• National Parks

Which of the following is NOT a category in the Federal government's spending?

• Mandatory spending

• Discretionary spending

• Interest on loans issued

• Interest on national debt

The W-4 form lets...

• the government know how much you paid in taxes last year

• your employer know how much to withhold from your paycheck

• the 3 major credit bureaus know how many dependents you have

• you know how much you paid in taxes last year

Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?

• Yes

• No

What item would you DEFINITELY see on a paystub?

• Retirement

• Healthcare

• Gross Pay

• Your occupation/role

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

What do you need to file your 1040 form? (hint: choose 2 correct answers)

• Your W-2

• Your W-4

• Your prior year's tax return

• Social Security Number

Which of the following are the three largest categories of federal government spending?

• infrastructure, defense, science

• education, defense, food/agriculture

• health, military, interest on debt

• military, education, science

What does the term "withholding" mean in reference to your paycheck?

• it is the amount of your paycheck that you are NOT being taxed on

• it is how much is being taken out of your paycheck in taxes

• it is how much you are going to owe the government when you file your annual tax return

• it is how much you earn and includes salary, bonus and commissions