Tax Review Quiz

Mike went to Target in Bolingbrook and spent $25.15 on items. The following week he went to Target in Chicago and bought the same items. This time he he paid $25.98

The price difference is due to the ______________.

• cost of labor

• restaurant’s choice

• cost of taxes

• cost of the product

The tax Mike paid was _______________.

• employment tax

• income tax

• sales tax

• luxury tax

The ________________ receives these tax dollars.

• federal government

• Internal Revenue Service

• local government

• state government

The money may be used for ________________.

building or repairing private schools

• building or repairing private schools

• building or repairing roads

• paying for Social Security benefits

• building or repairing federal buildings

Jordan started a new job.  The form Jordan will have to fill out immediately in order to have her taxes calculated correctly on her paychecks is the ____________-.

• W-2

• 1040

• 1099INT

• W-4

What federal form do use to file your federal income taxes?

• W-2

• 1099-INT

• W-4

• 1040

The tax form sent by your employer at the end of January summarizing your wages and taxes withheld is the ____________________.

• 1099-INT 

• W-2

• 1040

• W-4

Which form will you receive that summarizes the interest you earned from your bank?

• 1099-INT

• W-2

• 1040

• W-4

Genesis works at Subway and 5 Guys.  Genesis will receive _____________.

• One tax form from Subway and one form from 5 Guys

• only a tax form from Subway

• only a tax form from 5 Guys

• one combined tax form with information from both Subway and 5 Guys

From the 1040 Form, what does the dollar amount that goes on Line 1a represents ___________.

• Taxes paid for the year

• Net income for the year

• Gross income for the year

• Interest earned