12/12 7-3 Exam Review

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

When you receive a new job, you are mandated to file a

• Complaint

• Divorce

• W-4

• W-2

When you are ready to file for taxes you must have form

• W-2

• W-6

• WD40

• W-2484

A fixed amount all people are allowed to deduct from their adjusted gross income to reduce their tax liability

• Standard Deduction

• Itemized Deduction

Who pays taxes

• You

• Adults

• Immigrants

• Everyone

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

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

The most common tax deduction is...

• Standard Deduction

• Child Tax Deduction

• Mortgage interest Deduction

• Itemized deduction