Tax Quiz

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

• Social Security

• The Military

• Private School Education

• National Parks

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

• Your employer

• The state government

• The Federal government

• Local Businesses

Total money you earn before taxes and other deductions.

• Salary

• Net income

• Gross income

• Wages

Roads, police, schools, governmental agencies, fire and emergency services are all funded by taxes

• true

• false

Louis's dad pays a tax to the federal government each year based off the money he earns from his business. What type of tax is Louis' dad paying?

• Payroll tax

• Sales tax

• Property tax

• Income tax

Your parents pay $3500 in taxes each year based off of the value of your home. Which type of tax is this?

• Payroll tax

• Property tax

• Sales tax

• Income tax

Also known as your take home pay.

• Salary

• Gross pay

• Net pay

• Withholdings

These taxes come out of a person's paycheck and is meant to help people once they retire.

• 401k

• Social security tax

• Unemployment taxes

• Payroll deductions

This tax form is received when you start a new job. It determines how much money gets taken out of each paycheck.

• W-4

• W-2

• 1099

• 1040

This is a form you fill out by April 15th to determine how much you either owe or will be refunded in taxes for the previous year.

• W-4

• W-2

• 1099

• 1040