Federal Income Tax Review Sheet

The federal government levies a tax on personal income to provide for 

• national defense and law enforcement
• veterans and foreign affairs
• social programs like food and housing assistance and college grants
• All answers shown

Tags

CCSS.RL.11-12.2

CCSS.RL.9-10.2

CCSS.RI.7.2

CCSS.RI.8.2

CCSS.RL.8.1

Which form tells an employer how much to deduct for taxes?

• W2
• W4
• 1099
• 1040

1. Where does the government get most of its money?

• a. It prints money

• b. It sells land

• c. Taxes

• d. It produces products to sell

• e. Donations

2. What is something that federal taxes pay for?

• a. Schools

• b. Police

• c. Teachers

• d. Military

• e. Fire department

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

6. What type of tax takes a percentage of the money you make on a job?

• a. Income tax

• b. Property tax

• c. Sales Tax

• d. Social Security tax

• e. Medicare tax

10. What is the name of the agency that collects taxes in the United States?

• a. Secret Service

• b. Federal Bureau of Investigation

• c. Internal Revenue Service

• d. Department of Energy

• e. Department of the Interior

The most common tax deduction is...

• Standard Deduction

• Child Tax Deduction

• Mortgage interest Deduction

• Itemized deduction

When people refer to "tax day" , they mean...

• January 1, the first day of the year

• January 31, the last day to receive your tax forms

• Whatever day your tax refund comes in the mail

• April 15, the deadline to file taxes

Tags

CCSS.RI.11-12.4

CCSS.RI.9-10.4

CCSS.RL.11-12.4

CCSS.RL.8.4

CCSS.RL.9-10.4

Which form is used to file your tax return with the IRS?

• W-2

• W-4

• 1099

• 1040

What is gross income?

• The amount of money you get in your bank account

• The amount of money you earn

• Your taxable wages

• The total amount of money you have